ClariVest Asset Management LLC decreased its holdings in Fortinet Inc (NASDAQ:FTNT) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,807 shares of the software maker’s stock after selling 700 shares during the quarter. ClariVest Asset Management LLC’s holdings in Fortinet were worth $4,211,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. AQR Capital Management LLC grew its holdings in Fortinet by 51.8% in the 3rd quarter. AQR Capital Management LLC now owns 2,263,905 shares of the software maker’s stock valued at $208,891,000 after buying an additional 772,344 shares during the period. Allianz Asset Management GmbH grew its holdings in Fortinet by 556.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 763,347 shares of the software maker’s stock valued at $70,434,000 after buying an additional 647,069 shares during the period. Janus Henderson Group PLC grew its holdings in Fortinet by 75.6% in the 3rd quarter. Janus Henderson Group PLC now owns 1,073,641 shares of the software maker’s stock valued at $99,065,000 after buying an additional 462,176 shares during the period. Vanguard Group Inc grew its holdings in Fortinet by 2.9% in the 3rd quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock valued at $1,281,168,000 after buying an additional 394,636 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in Fortinet by 29.2% in the 3rd quarter. William Blair Investment Management LLC now owns 1,541,712 shares of the software maker’s stock valued at $142,254,000 after buying an additional 348,348 shares during the period. Institutional investors own 71.30% of the company’s stock.

In other Fortinet news, CFO Keith Jensen sold 626 shares of the company’s stock in a transaction that occurred on Monday, December 24th. The stock was sold at an average price of $65.00, for a total value of $40,690.00. Following the transaction, the chief financial officer now directly owns 829 shares of the company’s stock, valued at approximately $53,885. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.64, for a total value of $6,531,200.00. Following the completion of the transaction, the chief executive officer now directly owns 12,613,240 shares in the company, valued at $1,029,744,913.60. The disclosure for this sale can be found here. Insiders have sold a total of 104,143 shares of company stock worth $8,405,132 over the last three months. 17.70% of the stock is currently owned by corporate insiders.

Several analysts have commented on the company. ValuEngine cut Fortinet from a “strong-buy” rating to a “buy” rating in a report on Friday, November 2nd. Oppenheimer reduced their price objective on Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. Royal Bank of Canada lifted their price objective on Fortinet to $76.00 and gave the company a “sector perform” rating in a research note on Friday, November 2nd. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a research note on Tuesday, January 29th. Finally, Raymond James raised Fortinet from a “market perform” rating to an “outperform” rating in a research note on Monday, November 26th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $80.86.

Fortinet stock opened at $82.42 on Thursday. The company has a market cap of $14.14 billion, a P/E ratio of 72.94, a P/E/G ratio of 4.22 and a beta of 0.90. Fortinet Inc has a one year low of $47.68 and a one year high of $94.37.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million for the quarter, compared to analyst estimates of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. Fortinet’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS. Analysts predict that Fortinet Inc will post 1.15 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.

Further Reading: What are Institutional Investors?

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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