Nuveen Asset Management LLC Buys Shares of 3,194 Fortinet Inc (FTNT)

Nuveen Asset Management LLC bought a new position in Fortinet Inc (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,194 shares of the software maker’s stock, valued at approximately $225,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Sumitomo Mitsui Asset Management Company LTD raised its holdings in shares of Fortinet by 1.6% in the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock worth $672,000 after acquiring an additional 150 shares during the last quarter. Reliance Trust Co. of Delaware raised its holdings in shares of Fortinet by 4.8% in the 4th quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock worth $307,000 after acquiring an additional 200 shares during the last quarter. Utah Retirement Systems raised its holdings in shares of Fortinet by 0.8% in the 4th quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock worth $1,830,000 after acquiring an additional 200 shares during the last quarter. IFM Investors Pty Ltd raised its holdings in shares of Fortinet by 2.4% in the 4th quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock worth $631,000 after acquiring an additional 208 shares during the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Fortinet by 1.1% in the 4th quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock worth $1,453,000 after acquiring an additional 228 shares during the last quarter. Institutional investors own 74.74% of the company’s stock.

FTNT opened at $85.22 on Tuesday. The company has a market capitalization of $14.54 billion, a P/E ratio of 75.42, a price-to-earnings-growth 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 released its quarterly earnings data 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 during 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%. Fortinet’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS. On average, analysts predict that Fortinet Inc will post 1.25 earnings per share for the current year.

In other Fortinet news, VP Michael Xie sold 9,124 shares of the firm’s stock in a transaction on Monday, February 11th. The shares were sold at an average price of $81.54, for a total value of $743,970.96. Following the completion of the transaction, the vice president now directly owns 6,460,100 shares of the company’s stock, valued at approximately $526,756,554. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $78.20, for a total transaction of $97,750.00. Following the completion of the transaction, the vice president now directly owns 10,559 shares of the company’s stock, valued at $825,713.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 196,499 shares of company stock valued at $16,309,857. 17.70% of the stock is owned by insiders.

A number of equities research analysts recently weighed in on FTNT shares. BidaskClub upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, December 8th. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday, January 30th. Gabelli lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Goldman Sachs Group lowered shares of Fortinet from a “buy” rating to a “sell” rating and decreased their price objective for the company from $95.00 to $59.00 in a research note on Friday, January 4th. Finally, BMO Capital Markets lowered shares of Fortinet from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $90.00 to $78.00 in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Fortinet has a consensus rating of “Hold” and a consensus target price of $81.26.

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Fortinet Profile

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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