Hodges Capital Management Inc. decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 42.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 383,892 shares of the software maker’s stock after selling 280,737 shares during the quarter. Hodges Capital Management Inc. owned 0.22% of Fortinet worth $13,759,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Fortinet by 90.4% in the first quarter. Wellington Management Group LLP now owns 14,333 shares of the software maker’s stock worth $550,000 after buying an additional 6,805 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Fortinet by 13.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 426,986 shares of the software maker’s stock worth $16,375,000 after buying an additional 50,922 shares during the last quarter. Bank of Nova Scotia acquired a new stake in shares of Fortinet in the first quarter worth about $949,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Fortinet during the 1st quarter worth about $1,089,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Fortinet during the 1st quarter worth about $220,000. Institutional investors and hedge funds own 69.38% of the company’s stock.

In other Fortinet news, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $36.47, for a total transaction of $67,469.50. Following the completion of the sale, the insider now directly owns 1,315 shares in the company, valued at $47,958.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the sale, the vice president now owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The disclosure for this sale can be found here. Insiders sold a total of 6,102 shares of company stock valued at $230,550 over the last quarter. 17.00% of the stock is currently owned by company insiders.

FTNT has been the topic of several research reports. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Evercore ISI set a $38.00 price objective on Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a research report on Thursday, July 27th. Finally, Dougherty & Co increased their price target on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $44.00.

Shares of Fortinet, Inc. (NASDAQ FTNT) traded up $0.24 during midday trading on Tuesday, hitting $39.25. The stock had a trading volume of 1,532,270 shares, compared to its average volume of 1,690,000. The company has a market cap of $6,790.00, a PE ratio of 70.93, a price-to-earnings-growth ratio of 4.81 and a beta of 0.91. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. research analysts anticipate that Fortinet, Inc. will post 0.48 EPS for the current year.

Fortinet announced that its board has authorized a share repurchase plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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Fortinet Profile

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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