BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in Fortinet Inc (NASDAQ:FTNT) by 20.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,888 shares of the software maker’s stock after selling 26,279 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Fortinet were worth $9,309,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Financial Architects Inc purchased a new position in Fortinet during the third quarter worth about $116,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Fortinet by 379.0% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,619 shares of the software maker’s stock worth $149,000 after buying an additional 1,281 shares during the period. Alpha Cubed Investments LLC purchased a new position in Fortinet during the third quarter worth about $203,000. TD Asset Management Inc. purchased a new position in Fortinet during the second quarter worth about $208,000. Finally, IBM Retirement Fund purchased a new position in Fortinet during the third quarter worth about $208,000. Institutional investors and hedge funds own 70.34% of the company’s stock.

Fortinet stock opened at $75.44 on Friday. The stock has a market capitalization of $12.50 billion, a PE ratio of 84.35, a PEG ratio of 4.28 and a beta of 0.86. Fortinet Inc has a 12 month low of $41.04 and a 12 month high of $94.37.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The company had revenue of $453.90 million for the quarter, compared to the consensus estimate of $450.84 million. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period last year, the business posted $0.28 EPS. As a group, equities research analysts anticipate that Fortinet Inc will post 1.02 earnings per share for the current year.

In other news, CFO Keith Jensen sold 1,875 shares of the stock in a transaction dated Wednesday, November 21st. The stock was sold at an average price of $68.39, for a total value of $128,231.25. Following the completion of the sale, the chief financial officer now owns 1,245 shares in the company, valued at $85,145.55. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter Dale Jr. Cohen sold 2,000 shares of the stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $74.26, for a total value of $148,520.00. Following the completion of the sale, the director now owns 3,467 shares of the company’s stock, valued at approximately $257,459.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,590 shares of company stock valued at $6,986,929. Insiders own 17.70% of the company’s stock.

Several research firms recently weighed in on FTNT. BidaskClub downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Oppenheimer increased their target price on Fortinet from $82.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 26th. Goldman Sachs Group set a $95.00 target price on Fortinet and gave the stock a “buy” rating in a research report on Tuesday, September 25th. UBS Group downgraded Fortinet from a “buy” rating to a “neutral” rating and increased their target price for the stock from $80.00 to $90.00 in a research report on Tuesday, September 18th. They noted that the move was a valuation call. Finally, ValuEngine upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $78.77.

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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.

Further Reading: Earnings Reports

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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