Municipal Employees Retirement System of Michigan Acquires New Position in Fortinet Inc (FTNT)

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 has been the subject of several research reports. BidaskClub upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. OTR Global lowered shares of Fortinet to a “positive” rating in a research report on Friday, January 18th. Oppenheimer lowered their price objective on shares of Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Friday, January 18th. Finally, Guggenheim initiated coverage on shares of Fortinet in a research report on Monday, December 10th. They set a “neutral” rating and a $72.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $81.26.

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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About Fortinet

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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