Municipal Employees Retirement System of Michigan acquired a new position in Fortinet Inc (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 9,130 shares of the software maker’s stock, valued at approximately $643,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tarbox Family Office Inc. bought a new position in shares of Fortinet during the fourth quarter worth $25,000. Sun Life Financial INC bought a new position in Fortinet during the fourth quarter valued at $28,000. Guardian Life Insurance Co. of America bought a new position in Fortinet during the fourth quarter valued at $29,000. Bremer Trust National Association bought a new position in Fortinet during the fourth quarter valued at $33,000. Finally, Gemmer Asset Management LLC lifted its position in Fortinet by 145.6% during the fourth quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock valued at $45,000 after purchasing an additional 380 shares during the last quarter. 74.74% of the stock is owned by hedge funds and other institutional investors.
In other Fortinet news, VP John Whittle sold 1,248 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $83.41, for a total transaction of $104,095.68. Following the transaction, the vice president now owns 9,308 shares of the company’s stock, valued at approximately $776,380.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 9,124 shares of the firm’s stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $81.54, for a total transaction of $743,970.96. Following the transaction, the vice president now directly owns 6,460,100 shares in the company, valued at approximately $526,756,554. The disclosure for this sale can be found here. Insiders sold a total of 196,499 shares of company stock worth $16,309,857 in the last ninety days. 17.70% of the stock is currently owned by insiders.
FTNT stock opened at $85.22 on Tuesday. The stock has a market capitalization of $14.54 billion, a P/E ratio of 75.42, a P/E/G ratio of 4.00 and a beta of 0.91. Fortinet Inc has a 12 month low of $52.03 and a 12 month high of $94.37.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The company had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The firm’s revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 EPS. As a group, analysts forecast that Fortinet Inc will post 1.25 earnings per share for the current fiscal year.
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Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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