Alps Advisors Inc. trimmed its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 2.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,402 shares of the software maker’s stock after selling 390 shares during the quarter. Alps Advisors Inc.’s holdings in Fortinet were worth $1,029,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC boosted its position in shares of Fortinet by 2,117.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares in the last quarter. CENTRAL TRUST Co acquired a new position in shares of Fortinet during the 3rd quarter worth about $45,000. Amica Retiree Medical Trust acquired a new position in shares of Fortinet during the 2nd quarter worth about $51,000. Employers Holdings Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth about $54,000. Finally, North Star Investment Management Corp. acquired a new position in shares of Fortinet during the 3rd quarter worth about $62,000. 70.64% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently issued reports on FTNT. Monness Crespi & Hardt upped their price objective on Fortinet from $102.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Barclays set a $105.00 price objective on Fortinet and gave the stock a “hold” rating in a research report on Friday, November 1st. Piper Jaffray Companies began coverage on Fortinet in a research report on Friday. They set an “overweight” rating and a $116.00 price objective for the company. Evercore ISI set a $90.00 price objective on Fortinet and gave the stock a “hold” rating in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. set a $111.00 target price on Fortinet and gave the company a “buy” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $93.71.

In other news, VP Michael Xie sold 40,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the completion of the transaction, the vice president now directly owns 6,338,989 shares of the company’s stock, valued at approximately $495,265,210.57. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the transaction, the director now directly owns 75,213 shares of the company’s stock, valued at $6,071,193.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,000 shares of company stock valued at $3,856,560. 17.20% of the stock is owned by company insiders.

Shares of NASDAQ FTNT opened at $96.23 on Monday. The stock has a market cap of $15.67 billion, a PE ratio of 85.16, a price-to-earnings-growth ratio of 4.17 and a beta of 1.08. Fortinet Inc has a 52-week low of $64.41 and a 52-week high of $96.96. The business has a 50-day moving average price of $80.56 and a 200 day moving average price of $80.90.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.11. The firm had revenue of $547.50 million during the quarter, compared to the consensus estimate of $533.55 million. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The firm’s revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 EPS. As a group, research analysts forecast that Fortinet Inc will post 1.57 EPS for the current year.

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.

Further Reading: Stocks at 52 Week High

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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