Nisa Investment Advisors LLC lowered its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 17.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,784 shares of the software maker’s stock after selling 2,011 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $822,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Tarbox Family Office Inc. bought a new position in Fortinet during the fourth quarter valued at $25,000. Sun Life Financial INC bought a new stake in shares of Fortinet in the 4th quarter worth about $28,000. Guardian Life Insurance Co. of America bought a new stake in shares of Fortinet in the 4th quarter worth about $29,000. Legacy Advisors LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $30,000. Finally, Bremer Trust National Association bought a new stake in shares of Fortinet in the 4th quarter worth about $33,000. Institutional investors and hedge funds own 74.61% of the company’s stock.
NASDAQ FTNT opened at $93.02 on Monday. The stock has a market cap of $15.87 billion, a price-to-earnings ratio of 82.32, a price-to-earnings-growth ratio of 4.78 and a beta of 0.90. Fortinet Inc has a one year low of $53.40 and a one year high of $96.96.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The firm had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. During the same quarter in the previous year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet Inc will post 1.26 earnings per share for the current fiscal year.
In other news, VP Michael Xie sold 9,124 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.54, for a total value of $743,970.96. Following the transaction, the vice president now owns 6,460,100 shares of the company’s stock, valued at approximately $526,756,554. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 80,000 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the completion of the transaction, the chief executive officer now directly owns 12,613,240 shares in the company, valued at approximately $1,029,744,913.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 196,499 shares of company stock worth $16,309,857. Insiders own 17.70% of the company’s stock.
Several research analysts recently commented on the stock. Mizuho assumed coverage on shares of Fortinet in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $90.00 price target on the stock. Oppenheimer reduced their price target on shares of Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research note on Tuesday, January 29th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $90.00 price target (up previously from $78.00) on shares of Fortinet in a research note on Thursday, February 7th. Finally, BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $82.26.
Fortinet Company Profile
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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