Fortinet Inc (NASDAQ:FTNT) Shares Sold by ClariVest Asset Management LLC
ClariVest Asset Management LLC trimmed its position in Fortinet Inc (NASDAQ:FTNT) by 1.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,207 shares of the software maker’s stock after selling 600 shares during the period. ClariVest Asset Management LLC’s holdings in Fortinet were worth $4,972,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc increased its position in shares of Fortinet by 2.9% in the third quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock valued at $1,281,168,000 after buying an additional 394,636 shares in the last quarter. Strs Ohio increased its position in shares of Fortinet by 9.4% in the fourth quarter. Strs Ohio now owns 6,442 shares of the software maker’s stock valued at $453,000 after buying an additional 553 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Fortinet by 4.3% in the fourth quarter. Advisors Asset Management Inc. now owns 20,013 shares of the software maker’s stock valued at $1,410,000 after buying an additional 826 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Fortinet by 18.7% in the fourth quarter. SG Americas Securities LLC now owns 31,757 shares of the software maker’s stock valued at $2,237,000 after buying an additional 5,002 shares in the last quarter. Finally, TD Asset Management Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $3,041,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.
A number of research firms have recently commented on FTNT. Morgan Stanley cut their price objective on Fortinet from $84.00 to $77.00 and set an “equal weight” rating for the company in a research report on Tuesday. BidaskClub cut Fortinet from a “hold” rating to a “sell” rating in a research report on Friday, June 7th. ValuEngine cut Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Cowen began coverage on Fortinet in a research report on Thursday, May 23rd. They issued a “market perform” rating and a $85.00 price objective for the company. Finally, Evercore ISI restated a “hold” rating and issued a $80.00 price objective on shares of Fortinet in a research report on Tuesday, May 7th. Four investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $85.54.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.26. The firm had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. Research analysts predict that Fortinet Inc will post 1.31 EPS for the current fiscal year.
In other Fortinet news, VP John Whittle sold 3,691 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $87.48, for a total transaction of $322,888.68. Following the transaction, the vice president now owns 6,402,500 shares of the company’s stock, valued at $560,090,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total value of $2,817,200.00. Following the transaction, the vice president now directly owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. Insiders have sold 64,511 shares of company stock worth $4,865,082 in the last three months. 17.70% of the stock is currently owned by corporate insiders.
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Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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