Martingale Asset Management L P Decreases Position in Fortinet Inc (FTNT)
Martingale Asset Management L P cut its position in shares of Fortinet Inc (NASDAQ:FTNT) by 24.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 422,952 shares of the software maker’s stock after selling 134,667 shares during the quarter. Martingale Asset Management L P’s holdings in Fortinet were worth $39,027,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Financial Architects Inc bought a new position in Fortinet in the third quarter valued at approximately $116,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Fortinet by 379.0% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,619 shares of the software maker’s stock worth $149,000 after acquiring an additional 1,281 shares during the period. Alpha Cubed Investments LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $203,000. TD Asset Management Inc. bought a new position in shares of Fortinet during the 2nd quarter worth approximately $208,000. Finally, IBM Retirement Fund bought a new position in shares of Fortinet during the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 70.74% of the company’s stock.
Several research analysts have recently commented on the company. Raymond James upgraded Fortinet from a “market perform” rating to an “outperform” rating in a research note on Tuesday. Zacks Investment Research reiterated a “buy” rating and set a $84.00 target price on shares of Fortinet in a research note on Tuesday, November 13th. Dougherty & Co upgraded Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Monday, November 5th. Barclays reiterated a “hold” rating and set a $90.00 target price on shares of Fortinet in a research note on Sunday, November 4th. Finally, ValuEngine downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $78.77.
Shares of FTNT opened at $67.04 on Wednesday. Fortinet Inc has a 52-week low of $40.50 and a 52-week high of $94.37. The firm has a market capitalization of $11.55 billion, a PE ratio of 128.92, a price-to-earnings-growth ratio of 3.96 and a beta of 0.81.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. Fortinet’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. On average, sell-side analysts expect that Fortinet Inc will post 1.02 earnings per share for the current year.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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