State Treasurer State of Michigan decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 7.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,800 shares of the software maker’s stock after selling 4,800 shares during the period. State Treasurer State of Michigan’s holdings in Fortinet were worth $2,036,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. First Mercantile Trust Co. acquired a new position in Fortinet in the 2nd quarter valued at approximately $136,000. GLG Partners LP acquired a new position in Fortinet in the 2nd quarter valued at approximately $145,000. NEXT Financial Group Inc raised its holdings in Fortinet by 17,296.0% in the 2nd quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after acquiring an additional 4,324 shares in the last quarter. Ropes Wealth Advisors LLC raised its holdings in Fortinet by 67.3% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after acquiring an additional 1,855 shares in the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in Fortinet in the 2nd quarter valued at approximately $209,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Fortinet, Inc. (FTNT) opened at $39.01 on Friday. The company has a market cap of $6.71 billion, a price-to-earnings ratio of 70.20, a price-to-earnings-growth ratio of 4.76 and a beta of 0.91.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 EPS. equities research analysts forecast that Fortinet, Inc. will post 0.48 EPS for the current year.

Fortinet announced that its board has initiated a stock buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

A number of equities analysts have recently issued reports on the company. UBS Group AG (USA) increased their target price on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Cowen and Company reissued a “buy” rating and issued a $43.00 target price on shares of Fortinet in a report on Friday, July 28th. Piper Jaffray Companies reissued a “buy” rating and issued a $50.00 target price on shares of Fortinet in a report on Thursday, October 12th. Robert W. Baird set a $50.00 target price on Fortinet and gave the stock a “buy” rating in a report on Thursday, July 27th. Finally, Evercore ISI set a $38.00 target price on Fortinet and gave the stock a “hold” rating in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $44.00.

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In related news, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total transaction of $67,469.50. Following the sale, the insider now owns 1,315 shares of the company’s stock, valued at approximately $47,958.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the sale, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The disclosure for this sale can be found here. In the last three months, insiders sold 7,052 shares of company stock worth $265,386. 16.40% of the stock is currently owned by company 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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