Hound Partners LLC cut its stake in Fortinet Inc (NASDAQ:FTNT) by 71.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,849,445 shares of the software maker’s stock after selling 4,724,396 shares during the period. Fortinet makes up about 2.2% of Hound Partners LLC’s portfolio, making the stock its 15th biggest holding. Hound Partners LLC owned approximately 1.06% of Fortinet worth $80,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Flinton Capital Management LLC raised its holdings in Fortinet by 25.4% in the 4th quarter. Flinton Capital Management LLC now owns 10,512 shares of the software maker’s stock valued at $459,000 after acquiring an additional 2,128 shares in the last quarter. Meadow Creek Investment Management LLC raised its holdings in Fortinet by 25.4% in the 4th quarter. Meadow Creek Investment Management LLC now owns 14,454 shares of the software maker’s stock valued at $632,000 after acquiring an additional 2,926 shares in the last quarter. Cornerstone Capital Management Holdings LLC. raised its holdings in Fortinet by 52.9% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 688,359 shares of the software maker’s stock valued at $30,072,000 after acquiring an additional 238,107 shares in the last quarter. Teachers Advisors LLC raised its holdings in Fortinet by 3.9% in the 4th quarter. Teachers Advisors LLC now owns 165,628 shares of the software maker’s stock valued at $7,236,000 after acquiring an additional 6,228 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in Fortinet in the 4th quarter valued at $4,112,000. 68.77% of the stock is owned by hedge funds and other institutional investors.
In other Fortinet news, VP John Whittle sold 624 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $54.44, for a total value of $33,970.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 19,790 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $45.30, for a total value of $896,487.00. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at approximately $325,299.30. The disclosure for this sale can be found here. Insiders sold a total of 169,939 shares of company stock worth $7,733,246 in the last quarter. Corporate insiders own 17.00% of the company’s stock.
Several equities analysts have weighed in on FTNT shares. BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. JPMorgan Chase & Co. cut Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price objective for the company. in a report on Tuesday, December 12th. Oppenheimer boosted their price target on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, January 8th. Barclays cut Fortinet from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $45.00 to $48.00 in a report on Tuesday, January 9th. Finally, Robert W. Baird boosted their price target on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.96.
Fortinet Inc (NASDAQ:FTNT) opened at $54.00 on Wednesday. Fortinet Inc has a fifty-two week low of $35.44 and a fifty-two week high of $54.95. The stock has a market capitalization of $9,187.56, a PE ratio of 319.12, a price-to-earnings-growth ratio of 4.39 and a beta of 0.73.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The business had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. During the same quarter in the prior year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. equities research analysts predict that Fortinet Inc will post 0.74 earnings per share for the current year.
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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