TRUE Private Wealth Advisors raised its position in Fortinet Inc (NASDAQ:FTNT) by 52.5% in the 4th quarter, HoldingsChannel reports. The fund owned 9,391 shares of the software maker’s stock after purchasing an additional 3,234 shares during the period. TRUE Private Wealth Advisors’ holdings in Fortinet were worth $410,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. GLG Partners LP purchased a new position in shares of Fortinet during the 2nd quarter valued at approximately $145,000. Ropes Wealth Advisors LLC boosted its stake in shares of Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after buying an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd purchased a new position in shares of Fortinet during the 3rd quarter valued at approximately $220,000. Toronto Dominion Bank boosted its stake in shares of Fortinet by 249.2% during the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after buying an additional 4,503 shares during the last quarter. Finally, Parametrica Management Ltd purchased a new position in shares of Fortinet during the 3rd quarter valued at approximately $254,000. 70.68% of the stock is owned by institutional investors.

Fortinet Inc (FTNT) opened at $46.01 on Friday. Fortinet Inc has a one year low of $31.86 and a one year high of $46.43. The stock has a market capitalization of $7,948.98, a price-to-earnings ratio of 95.85, a P/E/G ratio of 4.67 and a beta of 0.93.

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

Fortinet announced that its board has initiated a share repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

FTNT has been the subject of several research analyst reports. BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 7th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, October 31st. UBS Group increased their target price on Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Piper Jaffray Companies reiterated a “buy” rating and set a $50.00 target price on shares of Fortinet in a research note on Thursday, October 12th. Finally, Oppenheimer reiterated a “buy” rating and set a $45.00 target price on shares of Fortinet in a research note on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $45.48.

In other Fortinet news, 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 $259,179,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the sale, the director now owns 72,606 shares in the company, valued at $2,905,692.12. The disclosure for this sale can be found here. Insiders have sold 73,355 shares of company stock worth $3,072,511 over the last 90 days. 16.40% of the stock is currently owned by company insiders.

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Fortinet Company 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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