PNC Financial Services Group Inc. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,551 shares of the software maker’s stock after selling 1,412 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortinet were worth $519,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Capstone Asset Management Co. increased its stake in shares of Fortinet by 4.1% in the first quarter. Capstone Asset Management Co. now owns 13,392 shares of the software maker’s stock worth $514,000 after buying an additional 530 shares during the period. Gulf International Bank UK Ltd raised its stake in Fortinet by 0.7% in the first quarter. Gulf International Bank UK Ltd now owns 44,764 shares of the software maker’s stock worth $1,716,000 after buying an additional 300 shares during the last quarter. Highbridge Capital Management LLC raised its stake in Fortinet by 20.0% in the fourth quarter. Highbridge Capital Management LLC now owns 22,744 shares of the software maker’s stock worth $685,000 after buying an additional 3,786 shares during the last quarter. Teachers Advisors LLC raised its stake in Fortinet by 440.2% in the fourth quarter. Teachers Advisors LLC now owns 656,181 shares of the software maker’s stock worth $19,764,000 after buying an additional 534,706 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its stake in Fortinet by 0.8% in the fourth quarter. Perigon Wealth Management LLC now owns 41,968 shares of the software maker’s stock worth $1,523,000 after buying an additional 325 shares during the last quarter. Institutional investors own 72.85% of the company’s stock.

Fortinet, Inc. (FTNT) traded up 1.21% during trading on Friday, reaching $36.84. 3,206,558 shares of the company’s stock traded hands. The firm has a market cap of $6.47 billion, a PE ratio of 100.93 and a beta of 1.02. The firm has a 50 day moving average price of $38.63 and a 200-day moving average price of $37.78. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same period in the previous year, the firm posted $0.14 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts forecast that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.

Fortinet declared that its board has authorized a stock repurchase program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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A number of analysts have recently issued reports on the company. Robert W. Baird set a $50.00 target price on Fortinet and gave the company a “buy” rating in a report on Thursday, July 27th. Dougherty & Co increased their target price on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, July 27th. Evercore ISI set a $38.00 target price on Fortinet and gave the company a “hold” rating in a report on Thursday, July 27th. Royal Bank Of Canada increased their target price on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, April 28th. Finally, UBS AG increased their target price on Fortinet from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, April 28th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $41.56.

In other news, VP John Whittle sold 2,091 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares in the company, valued at approximately $260,454.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Keith Jensen sold 624 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total transaction of $25,415.52. Following the transaction, the insider now owns 978 shares in the company, valued at $39,833.94. The disclosure for this sale can be found here. Insiders have sold a total of 13,308 shares of company stock worth $506,096 over the last 90 days. 16.40% of the stock is owned by company insiders.

About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its 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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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