Ameriprise Financial Inc. Sells 198,018 Shares of Fortinet, Inc. (FTNT)
Ameriprise Financial Inc. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,111,914 shares of the software maker’s stock after selling 198,018 shares during the period. Ameriprise Financial Inc. owned 2.34% of Fortinet worth $153,947,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in FTNT. First Mercantile Trust Co. bought a new position in Fortinet in the 2nd quarter worth about $136,000. NEXT Financial Group Inc grew its position in Fortinet by 17,296.0% in the 2nd quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after purchasing an additional 4,324 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Fortinet by 31.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock worth $174,000 after purchasing an additional 1,100 shares during the last quarter. Acadian Asset Management LLC bought a new position in Fortinet in the 1st quarter worth about $181,000. Finally, Greenwood Capital Associates LLC bought a new position in Fortinet in the 2nd quarter worth about $209,000. 69.02% of the stock is owned by institutional investors and hedge funds.
In related news, VP John Whittle sold 2,091 shares of the business’s stock in a transaction on 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 $260,454.87. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Keith Jensen sold 1,850 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total transaction of $67,469.50. Following the transaction, the insider now owns 1,315 shares in the company, valued at $47,958.05. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,558 shares of company stock worth $348,406. 16.40% of the stock is owned by corporate insiders.
Fortinet, Inc. (FTNT) opened at 38.66 on Friday. The company has a 50-day moving average of $37.23 and a 200-day moving average of $38.16. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of 105.92 and a beta of 0.99. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet declared that its board has approved a stock buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several research analysts have commented on the stock. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Cowen and Company restated a “buy” rating and issued a $43.00 target price on shares of Fortinet in a research report on Friday, September 8th. Stifel Nicolaus restated a “hold” rating and issued a $42.00 target price on shares of Fortinet in a research report on Tuesday. Monness Crespi & Hardt assumed coverage on shares of Fortinet in a report on Wednesday, June 14th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Susquehanna Bancshares Inc assumed coverage on shares of Fortinet in a report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price objective for the company. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and a consensus price target of $41.30.
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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.
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