361 Capital LLC Reduces Stake in Fortinet, Inc. (FTNT)

361 Capital LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 50.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,539 shares of the software maker’s stock after selling 33,521 shares during the quarter. 361 Capital LLC’s holdings in Fortinet were worth $1,202,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Voya Investment Management LLC increased its position in Fortinet by 934.3% in the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after acquiring an additional 1,698,526 shares during the period. ETF Managers Group LLC acquired a new stake in Fortinet in the 2nd quarter valued at approximately $40,680,000. BlackRock Inc. increased its position in Fortinet by 6.6% in the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after acquiring an additional 870,061 shares during the period. Renaissance Technologies LLC boosted its stake in Fortinet by 19.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after purchasing an additional 726,300 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its stake in Fortinet by 66.3% during the 2nd quarter. Pictet Asset Management Ltd. now owns 1,486,700 shares of the software maker’s stock valued at $58,487,000 after purchasing an additional 592,600 shares in the last quarter. Hedge funds and other institutional investors own 68.44% of the company’s stock.

In other news, Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the transaction, the director now directly owns 331 shares in the company, valued at $13,120.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the transaction, the director now owns 72,606 shares in the company, valued at $2,905,692.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,942 shares of company stock worth $787,129. Corporate insiders own 17.00% of the company’s stock.

Fortinet, Inc. (FTNT) traded up $0.05 during midday trading on Monday, reaching $40.31. The company’s stock had a trading volume of 1,303,700 shares, compared to its average volume of 1,719,050. Fortinet, Inc. has a one year low of $28.50 and a one year high of $41.56. The company has a market capitalization of $7,010.00, a price-to-earnings ratio of 73.29, a P/E/G ratio of 4.97 and a beta of 0.91.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. During the same period last year, the company earned $0.18 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. equities analysts anticipate that Fortinet, Inc. will post 0.48 earnings per share for the current year.

Fortinet declared that its board has approved a share repurchase program on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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A number of equities analysts have issued reports on the company. Dougherty & Co increased their price target on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 price target on Fortinet and gave the company a “buy” rating in a research note on Thursday, July 27th. Evercore ISI set a $38.00 price target on Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, October 27th. Finally, BMO Capital Markets reduced their price objective on Fortinet from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $44.26.

About Fortinet

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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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