Janus Henderson Group PLC Reduces Stock Holdings in Fortinet Inc (NASDAQ:FTNT)

Janus Henderson Group PLC reduced its holdings in Fortinet Inc (NASDAQ:FTNT) by 9.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,089,902 shares of the software maker’s stock after selling 225,558 shares during the period. Janus Henderson Group PLC’s holdings in Fortinet were worth $160,567,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Valeo Financial Advisors LLC grew its position in Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after buying an additional 487 shares during the last quarter. Bremer Bank National Association purchased a new stake in shares of Fortinet during the 1st quarter worth $44,000. Bessemer Group Inc. boosted its position in shares of Fortinet by 32.0% during the 2nd quarter. Bessemer Group Inc. now owns 1,027 shares of the software maker’s stock worth $79,000 after purchasing an additional 249 shares in the last quarter. CX Institutional boosted its position in shares of Fortinet by 38.2% during the 2nd quarter. CX Institutional now owns 1,075 shares of the software maker’s stock worth $83,000 after purchasing an additional 297 shares in the last quarter. Finally, Enterprise Financial Services Corp boosted its position in shares of Fortinet by 67.1% during the 1st quarter. Enterprise Financial Services Corp now owns 996 shares of the software maker’s stock worth $84,000 after purchasing an additional 400 shares in the last quarter. 72.38% of the stock is currently owned by institutional investors and hedge funds.

Shares of FTNT stock opened at $80.71 on Thursday. The company has a 50-day moving average price of $82.52. Fortinet Inc has a twelve month low of $64.41 and a twelve month high of $96.96. The firm has a market cap of $14.05 billion, a P/E ratio of 71.42, a price-to-earnings-growth ratio of 3.75 and a beta of 1.08.

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 the consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The firm had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same quarter in the previous year, the company posted $0.41 EPS. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, equities analysts expect that Fortinet Inc will post 1.42 EPS for the current fiscal year.

Several equities research analysts have commented on FTNT shares. Monness Crespi & Hardt restated a “buy” rating and set a $102.00 target price (up from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. Citigroup lifted their price target on Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Bank of America raised Fortinet from a “neutral” rating to a “buy” rating in a research note on Friday, August 2nd. Barclays reaffirmed a “hold” rating and set a $99.00 price target on shares of Fortinet in a research note on Sunday, August 4th. Finally, Morgan Stanley lifted their price target on Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $87.96.

In related news, CEO Ken Xie sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total value of $660,640.00. Following the completion of the transaction, the chief executive officer now owns 12,521,600 shares of the company’s stock, valued at approximately $1,034,033,728. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total value of $2,817,200.00. Following the completion of the sale, the vice president now owns 6,388,548 shares of the company’s stock, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. Insiders sold a total of 52,749 shares of company stock valued at $3,858,465 in the last three months. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Company Profile

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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