Quantbot Technologies LP Sells 2,221 Shares of Fortinet, Inc. (FTNT)
Quantbot Technologies LP reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,293 shares of the software maker’s stock after selling 2,221 shares during the period. Quantbot Technologies LP’s holdings in Fortinet were worth $460,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Prudential Financial Inc. increased its stake in Fortinet by 43.9% in the 2nd quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock valued at $39,911,000 after buying an additional 325,210 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Fortinet by 29.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock valued at $3,074,000 after buying an additional 18,569 shares during the last quarter. Vanguard Group Inc. increased its stake in Fortinet by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after buying an additional 563,667 shares during the last quarter. Clinton Group Inc. acquired a new stake in Fortinet in the 1st quarter valued at $888,000. Finally, Oak Ridge Investments LLC increased its stake in Fortinet by 4.2% in the 2nd quarter. Oak Ridge Investments LLC now owns 859,457 shares of the software maker’s stock valued at $32,178,000 after buying an additional 34,905 shares during the last quarter. Hedge funds and other institutional investors own 68.99% of the company’s stock.
In other Fortinet news, insider Keith Jensen sold 1,850 shares of the stock in a transaction dated 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 transaction, the insider now 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 through the SEC website. Also, VP John Whittle sold 2,091 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The disclosure for this sale can be found here. Insiders have sold 9,558 shares of company stock valued at $348,406 in the last quarter. Company insiders own 16.40% of the company’s stock.
Several equities research analysts have issued reports on the stock. Cowen and Company reiterated a “buy” rating and issued a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a research note on Thursday, July 27th. Evercore ISI set a $38.00 price target on shares of Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Finally, ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Fortinet has a consensus rating of “Buy” and an average target price of $41.26.
Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at 35.84 on Friday. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56. The company has a market cap of $6.30 billion, a P/E ratio of 98.19 and a beta of 0.99. The firm has a 50-day moving average of $37.31 and a 200-day moving average of $38.20.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business earned $0.14 earnings per share. Analysts predict that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are 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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