OxFORD Asset Management LLP Has $6.17 Million Holdings in Fortinet, Inc. (FTNT)
OxFORD Asset Management LLP trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,713 shares of the software maker’s stock after selling 8,052 shares during the period. OxFORD Asset Management LLP owned approximately 0.09% of Fortinet worth $6,167,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in FTNT. BlackRock Inc. grew its stake in Fortinet by 7,159.6% during the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in Fortinet during the first quarter worth about $77,398,000. Marshall Wace North America L.P. acquired a new stake in Fortinet during the first quarter worth about $77,398,000. Clearbridge Investments LLC grew its stake in Fortinet by 27.7% during the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Fortinet by 45.0% during the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after buying an additional 1,177,300 shares in the last quarter. Hedge funds and other institutional investors own 68.99% of the company’s stock.
In other Fortinet news, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares in the company, valued at $48,221.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock valued at $348,406 in the last quarter. Corporate insiders own 16.40% of the company’s stock.
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Fortinet, Inc. (NASDAQ:FTNT) opened at 37.31 on Thursday. The firm’s 50-day moving average is $37.31 and its 200 day moving average is $38.20. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 102.22 and a beta of 0.99.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The business’s revenue was up 16.7% on a year-over-year basis. On average, equities analysts expect that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have issued reports on FTNT shares. ValuEngine downgraded shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Cowen and Company reiterated a “buy” rating and set a $43.00 price objective on shares of Fortinet in a research note on Friday, September 8th. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a research note on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price objective on the stock. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday. Finally, Northland Securities started coverage on shares of Fortinet in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $41.26.
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.
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