Fortinet, Inc. (FTNT) Position Cut by Oakbrook Investments LLC
Oakbrook Investments LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,840 shares of the software maker’s stock after selling 2,310 shares during the period. Oakbrook Investments LLC’s holdings in Fortinet were worth $406,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in FTNT. BlackRock Inc. boosted its stake in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the period. MARSHALL WACE ASIA Ltd bought a new stake in Fortinet during the first quarter valued at about $77,398,000. Marshall Wace North America L.P. bought a new stake in Fortinet during the first quarter valued at about $77,398,000. Clearbridge Investments LLC boosted its stake in Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after buying an additional 1,831,096 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock valued at $145,554,000 after buying an additional 1,177,300 shares during the period. 72.98% of the stock is owned by institutional investors.
Fortinet, Inc. (FTNT) traded down 0.03% during trading on Monday, reaching $36.83. 2,037,588 shares of the company’s stock traded hands. The stock has a market cap of $6.47 billion, a P/E ratio of 100.90 and a beta of 1.02. Fortinet, Inc. has a one year low of $28.50 and a one year high of $41.56. The firm’s 50 day moving average price is $38.63 and its 200-day moving average price is $37.78.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same period in the prior year, the company posted $0.14 EPS. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet declared that its board has initiated a share buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
ILLEGAL ACTIVITY WARNING: “Fortinet, Inc. (FTNT) Position Cut by Oakbrook Investments LLC” was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this news story on another domain, it was copied illegally and reposted in violation of US and international copyright legislation. The original version of this news story can be viewed at https://www.thecerbatgem.com/2017/08/07/fortinet-inc-ftnt-stake-lowered-by-oakbrook-investments-llc-updated.html.
Several equities research analysts have issued reports on FTNT shares. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Friday, July 7th. Dougherty & Co upped their price target on shares of Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Vetr raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price target for the company in a research report on Monday, April 24th. OTR Global raised shares of Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Finally, BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $44.00 to $46.00 in a research report on Friday, April 21st. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet presently has a consensus rating of “Buy” and an average target price of $41.56.
In related news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the sale, the director now directly owns 66,611 shares in the company, valued at approximately $2,423,974.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ming Hsieh sold 4,743 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,308 shares of company stock worth $506,096. Corporate insiders own 17.00% of the company’s stock.
Fortinet Company Profile
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.
Receive News & Stock Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related stocks with our FREE daily email newsletter.