Fortinet Inc (NASDAQ:FTNT) Stock Position Decreased by Foundry Partners LLC

Foundry Partners LLC cut its position in shares of Fortinet Inc (NASDAQ:FTNT) by 11.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,180 shares of the software maker’s stock after selling 282 shares during the period. Foundry Partners LLC’s holdings in Fortinet were worth $221,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Farmers & Merchants Investments Inc. increased its holdings in shares of Fortinet by 260.9% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 249 shares of the software maker’s stock valued at $25,000 after acquiring an additional 180 shares during the last quarter. Stonebridge Financial Planning Group LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $32,000. Harwood Advisory Group LLC acquired a new position in shares of Fortinet during the 1st quarter valued at about $34,000. First Manhattan Co. acquired a new position in shares of Fortinet during the 1st quarter valued at about $51,000. Finally, TCI Wealth Advisors Inc. acquired a new position in shares of Fortinet during the 4th quarter valued at about $52,000. 75.56% of the stock is owned by institutional investors.

Shares of FTNT stock opened at $142.64 on Friday. The stock has a 50 day moving average of $116.09 and a two-hundred day moving average of $108.28. Fortinet Inc has a 12 month low of $68.87 and a 12 month high of $149.69. The company has a market capitalization of $23.18 billion, a P/E ratio of 66.65, a P/E/G ratio of 5.55 and a beta of 0.92.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The business had revenue of $576.90 million during the quarter, compared to the consensus estimate of $554.22 million. Fortinet had a return on equity of 32.91% and a net margin of 16.44%. Fortinet’s revenue was up 22.1% on a year-over-year basis. During the same quarter last year, the company earned $0.46 EPS. On average, equities analysts expect that Fortinet Inc will post 1.85 EPS for the current year.

A number of brokerages have recently commented on FTNT. Credit Suisse Group increased their price objective on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Wedbush increased their price objective on Fortinet from $130.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 7th. Barclays increased their price objective on Fortinet from $122.00 to $132.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Mizuho reaffirmed a “hold” rating and issued a $123.00 target price on shares of Fortinet in a report on Wednesday, May 13th. Finally, BMO Capital Markets raised their target price on Fortinet from $115.00 to $132.00 and gave the company a “market perform” rating in a report on Monday, February 3rd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $121.73.

In related news, VP Michael Xie sold 26,828 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $106.05, for a total transaction of $2,845,109.40. Following the completion of the transaction, the vice president now owns 6,186,340 shares in the company, valued at approximately $656,061,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Whittle sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $144.83, for a total value of $101,381.00. Following the transaction, the vice president now owns 1,894 shares of the company’s stock, valued at approximately $274,308.02. The disclosure for this sale can be found here. Insiders have sold a total of 35,402 shares of company stock valued at $3,854,601 in the last 90 days. 17.20% of the stock is owned by corporate insiders.

Fortinet 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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