Washington Capital Management Inc. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.9% during the second quarter, Holdings Channel reports. The fund owned 11,000 shares of the software maker’s stock after selling 2,236 shares during the period. Washington Capital Management Inc.’s holdings in Fortinet were worth $412,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. LS Investment Advisors LLC raised its position in Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock valued at $514,000 after buying an additional 96 shares during the last quarter. Capstone Asset Management Co. raised its position in Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock valued at $509,000 after buying an additional 190 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock valued at $653,000 after buying an additional 200 shares during the last quarter. Fisher Asset Management LLC raised its position in Fortinet by 0.8% in the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock valued at $1,177,000 after buying an additional 252 shares during the last quarter. Finally, Ropes Wealth Advisors LLC raised its position in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares during the last quarter. 72.85% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet, Inc. (NASDAQ:FTNT) opened at 36.91 on Tuesday. The stock has a market cap of $6.49 billion, a P/E ratio of 101.12 and a beta of 1.03. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56. The company’s 50-day moving average price is $38.65 and its 200-day moving average price is $37.74.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Fortinet’s revenue for the quarter was up 16.7% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
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Several equities analysts recently issued reports on the company. Stifel Nicolaus increased their target price on Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a research note on Monday, April 17th. UBS AG increased their target price on Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Cowen and Company reissued a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday. BidaskClub lowered Fortinet from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Fortinet in a research report on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $41.56.
In other Fortinet news, insider Keith Jensen sold 624 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total transaction of $25,415.52. Following the sale, the insider now owns 978 shares in the company, valued at $39,833.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Whittle sold 5,583 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $40.00, for a total value of $223,320.00. Following the sale, the vice president now owns 4,681 shares in the company, valued at approximately $187,240. The disclosure for this sale can be found here. Insiders have sold 12,800 shares of company stock worth $508,015 in the last 90 days. 17.00% of the stock is currently owned by insiders.
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.
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