Eagle Asset Management Inc. Sells 107,960 Shares of Fortinet Inc. (FTNT)
Eagle Asset Management Inc. reduced its stake in Fortinet Inc. (NASDAQ:FTNT) by 16.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 544,921 shares of the company’s stock after selling 107,960 shares during the period. Eagle Asset Management Inc. owned approximately 0.32% of Fortinet worth $20,123,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in FTNT. US Bancorp DE raised its stake in Fortinet by 3.8% in the second quarter. US Bancorp DE now owns 3,342 shares of the company’s stock valued at $106,000 after buying an additional 123 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares during the last quarter. Advisor Group Inc. acquired a new position in shares of Fortinet during the second quarter valued at $152,000. Tower Research Capital LLC TRC increased its position in shares of Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock valued at $204,000 after buying an additional 4,153 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA increased its position in shares of Fortinet by 62.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 6,500 shares of the company’s stock valued at $206,000 after buying an additional 2,487 shares during the last quarter. Institutional investors and hedge funds own 72.21% of the company’s stock.
Shares of Fortinet Inc. (NASDAQ:FTNT) traded down 0.30% during midday trading on Tuesday, hitting $30.15. The stock had a trading volume of 399,418 shares. Fortinet Inc. has a one year low of $23.16 and a one year high of $37.48. The company has a market cap of $5.22 billion, a P/E ratio of 1159.62 and a beta of 1.31. The stock has a 50 day moving average of $31.39 and a 200-day moving average of $33.71.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.03. Fortinet had a positive return on equity of 1.36% and a negative net margin of 0.09%. The firm had revenue of $316.60 million for the quarter, compared to analysts’ expectations of $314.33 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Fortinet’s revenue for the quarter was up 21.7% compared to the same quarter last year. Analysts forecast that Fortinet Inc. will post $0.64 EPS for the current fiscal year.
Several research analysts have recently weighed in on FTNT shares. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $45.00 target price (down from $50.00) on shares of Fortinet in a research note on Monday, August 1st. Pacific Crest raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research note on Tuesday, August 30th. Wunderlich started coverage on Fortinet in a research note on Tuesday, September 13th. They set a “buy” rating and a $45.00 target price for the company. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Finally, Royal Bank Of Canada reduced their target price on Fortinet from $37.00 to $30.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 12th. Twelve investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and a consensus target price of $36.04.
In other news, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total transaction of $117,942.50. Following the sale, the chief financial officer now directly owns 9,686 shares in the company, valued at approximately $351,504.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 834 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now owns 5,515 shares in the company, valued at $202,400.50. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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.
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