Stevens Capital Management LP Sells 3,421 Shares of Fortinet, Inc. (FTNT)
Stevens Capital Management LP decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 196,873 shares of the software maker’s stock after selling 3,421 shares during the quarter. Stevens Capital Management LP owned approximately 0.11% of Fortinet worth $7,056,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Voya Investment Management LLC raised its stake in shares of Fortinet by 934.3% in the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock worth $70,399,000 after buying an additional 1,698,526 shares during the period. ETF Managers Group LLC bought a new position in shares of Fortinet in the second quarter worth about $40,680,000. BlackRock Inc. raised its stake in shares of Fortinet by 6.6% in the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after buying an additional 870,061 shares during the period. Renaissance Technologies LLC raised its stake in shares of Fortinet by 19.1% in the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after buying an additional 726,300 shares during the period. Finally, Pictet Asset Management Ltd. raised its stake in shares of Fortinet by 66.3% in the second quarter. Pictet Asset Management Ltd. now owns 1,486,700 shares of the software maker’s stock worth $58,487,000 after buying an additional 592,600 shares during the period. 69.38% of the stock is currently owned by institutional investors.
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Several research analysts have recently commented on the company. Evercore ISI set a $38.00 price objective on Fortinet and gave the stock a “hold” rating in a research note on Thursday, July 27th. Dougherty & Co raised their price objective on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 price objective on Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets decreased their price objective on Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 27th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research note on Friday, October 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Fortinet has a consensus rating of “Buy” and an average price target of $44.00.
Fortinet, Inc. (FTNT) traded up $0.16 during midday trading on Tuesday, reaching $39.41. The company’s stock had a trading volume of 57,921 shares, compared to its average volume of 1,690,000. The stock has a market cap of $6,850.00, a PE ratio of 70.93, a PEG ratio of 4.81 and a beta of 0.91. Fortinet, Inc. has a fifty-two week low of $28.50 and a fifty-two week high of $41.56.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. The business 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%. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS. equities analysts forecast that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.
Fortinet announced that its board has initiated a stock repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to purchase 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 shares are undervalued.
In other news, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total value of $67,469.50. Following the completion of the sale, the insider now directly owns 1,315 shares of the company’s stock, valued at approximately $47,958.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total value of $138,381.00. Following the completion of the sale, the vice president now directly 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 ninety days. Corporate insiders own 17.00% of the company’s stock.
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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