Fortinet Inc (NASDAQ:FTNT) was the recipient of a large drop in short interest in July. As of July 31st, there was short interest totalling 5,353,400 shares, a drop of 9.6% from the June 30th total of 5,920,100 shares. Currently, 3.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,590,000 shares, the days-to-cover ratio is currently 3.4 days.

FTNT has been the topic of several research reports. Stifel Nicolaus raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a research report on Tuesday, April 16th. Barclays restated a “hold” rating and set a $99.00 price objective on shares of Fortinet in a research report on Sunday, August 4th. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 25th. ValuEngine cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Morgan Stanley raised their price objective on shares of Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have given a buy rating to the stock. Fortinet currently has a consensus rating of “Hold” and an average price target of $87.96.

Shares of FTNT traded down $4.30 during trading hours on Wednesday, reaching $79.61. 44,346 shares of the company traded hands, compared to its average volume of 1,767,054. The firm has a fifty day moving average price of $82.42. The stock has a market cap of $14.35 billion, a P/E ratio of 70.38, a price-to-earnings-growth ratio of 3.81 and a beta of 1.08. Fortinet has a 12 month low of $64.41 and a 12 month high of $96.96.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.28. The firm had revenue of $521.70 million for the quarter, compared to analyst estimates of $511.38 million. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. As a group, equities analysts expect that Fortinet will post 1.42 EPS for the current year.

In other news, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the sale, the vice president now owns 6,388,548 shares in the company, valued at approximately $449,945,435.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $81.62, for a total transaction of $81,620.00. Following the sale, the director now owns 72,621 shares in the company, valued at approximately $5,927,326.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,722 shares of company stock worth $4,266,421. Corporate insiders own 17.20% of the company’s stock.

A number of large investors have recently bought and sold shares of FTNT. FMR LLC boosted its stake in Fortinet by 495.1% during the first quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock worth $104,444,000 after acquiring an additional 1,034,818 shares in the last quarter. AQR Capital Management LLC boosted its stake in Fortinet by 35.5% during the first quarter. AQR Capital Management LLC now owns 3,803,217 shares of the software maker’s stock worth $316,808,000 after acquiring an additional 997,004 shares in the last quarter. Geode Capital Management LLC boosted its stake in Fortinet by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after acquiring an additional 787,230 shares in the last quarter. APG Asset Management N.V. boosted its stake in Fortinet by 146.6% during the second quarter. APG Asset Management N.V. now owns 1,265,004 shares of the software maker’s stock worth $85,344,000 after acquiring an additional 752,100 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Fortinet by 71.6% during the second quarter. Wells Fargo & Company MN now owns 1,280,262 shares of the software maker’s stock worth $98,363,000 after acquiring an additional 534,070 shares in the last quarter. 72.38% of the stock is currently owned by institutional investors and hedge funds.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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