Piedmont Investment Advisors LLC Cuts Stake in Fortinet, Inc. (FTNT)
Piedmont Investment Advisors LLC decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 17.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,531 shares of the software maker’s stock after selling 9,591 shares during the period. Piedmont Investment Advisors LLC’s holdings in Fortinet were worth $1,668,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. California Public Employees Retirement System raised its holdings in Fortinet by 3.6% during the 3rd quarter. California Public Employees Retirement System now owns 220,993 shares of the software maker’s stock valued at $7,920,000 after buying an additional 7,593 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in Fortinet by 66.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 56,951 shares of the software maker’s stock valued at $2,041,000 after buying an additional 22,639 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Fortinet during the 3rd quarter valued at $8,616,000. Cornerstone Capital Management Holdings LLC. raised its holdings in Fortinet by 179.4% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 450,252 shares of the software maker’s stock valued at $16,135,000 after buying an additional 289,086 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in Fortinet during the 3rd quarter valued at $14,293,000. 70.76% of the stock is owned by institutional investors.
In other news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $41.95, for a total value of $1,678,000.00. Following the sale, the vice president now directly owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ming Hsieh sold 5,332 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $39.64, for a total transaction of $211,360.48. Following the completion of the sale, the director now directly owns 331 shares in the company, valued at $13,120.84. The disclosure for this sale can be found here. Insiders sold a total of 59,606 shares of company stock worth $2,453,806 over the last ninety days. Insiders own 16.40% of the company’s stock.
FTNT has been the subject of a number of recent analyst reports. Piper Jaffray Companies set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a report on Friday, August 25th. Credit Suisse Group started coverage on shares of Fortinet in a report on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price objective for the company. UBS upped their price objective on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Zacks Investment Research lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, Deutsche Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $44.55.
Shares of Fortinet, Inc. (FTNT) opened at $42.71 on Friday. The firm has a market cap of $7,416.84, a PE ratio of 77.54, a PEG ratio of 5.26 and a beta of 0.92. Fortinet, Inc. has a 1 year low of $28.50 and a 1 year high of $43.08.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.05. The firm had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The company’s revenue was up 18.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 EPS. analysts predict that Fortinet, Inc. will post 0.48 EPS for the current year.
Fortinet announced that its Board of Directors has approved a stock buyback plan on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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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