Brown Advisory Inc. Cuts Stake in Fortinet, Inc. (FTNT)
Brown Advisory Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 48.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,147 shares of the software maker’s stock after selling 19,180 shares during the quarter. Brown Advisory Inc.’s holdings in Fortinet were worth $722,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. raised its holdings in shares of Fortinet by 1.1% in the 2nd quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock worth $388,000 after purchasing an additional 114 shares during the period. Flagship Harbor Advisors LLC raised its holdings in shares of Fortinet by 2.7% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock worth $288,000 after purchasing an additional 200 shares during the period. TRUE Private Wealth Advisors raised its holdings in shares of Fortinet by 3.4% in the 2nd quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock worth $241,000 after purchasing an additional 211 shares during the period. World Asset Management Inc raised its holdings in shares of Fortinet by 3.2% in the 2nd quarter. World Asset Management Inc now owns 10,787 shares of the software maker’s stock worth $404,000 after purchasing an additional 336 shares during the period. Finally, KCM Investment Advisors LLC raised its holdings in shares of Fortinet by 4.2% in the 2nd quarter. KCM Investment Advisors LLC now owns 9,990 shares of the software maker’s stock worth $374,000 after purchasing an additional 400 shares during the period. Institutional investors own 70.03% of the company’s stock.
Several equities research analysts recently commented on FTNT shares. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the company a “buy” rating in a report on Friday, August 25th. Credit Suisse Group started coverage on Fortinet in a report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 target price on the stock. UBS raised their target price on Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, October 27th. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, Deutsche Bank upgraded Fortinet from a “hold” rating to a “buy” rating and raised their target price for the company from $36.00 to $48.00 in a report on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and an average price target of $44.26.
Shares of Fortinet, Inc. (FTNT) opened at $41.95 on Friday. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $42.49. The firm has a market capitalization of $7,295.10, a P/E ratio of 76.27, a price-to-earnings-growth ratio of 5.17 and a beta of 0.92.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The firm had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. research analysts forecast that Fortinet, Inc. will post 0.48 earnings per share for the current year.
Fortinet declared that its Board of Directors has approved a stock repurchase program on Thursday, October 26th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the software maker to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other news, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the completion of the transaction, the vice president now owns 6,714,500 shares in the company, valued at approximately $259,179,700. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of Fortinet stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total value of $72,520.00. Following the completion of the transaction, the insider now owns 1,374 shares of the company’s stock, valued at approximately $53,860.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,606 shares of company stock valued at $2,453,806. Insiders own 16.40% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT).
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.