Moors & Cabot Inc. lowered its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 10.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,180 shares of the software maker’s stock after selling 1,150 shares during the period. Moors & Cabot Inc.’s holdings in Fortinet were worth $545,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in FTNT. Three Peaks Capital Management LLC bought a new stake in Fortinet in the 1st quarter valued at $114,000. Synovus Financial Corp bought a new stake in Fortinet in the 1st quarter valued at $161,000. Meeder Asset Management Inc. raised its stake in Fortinet by 544.7% in the 1st quarter. Meeder Asset Management Inc. now owns 4,158 shares of the software maker’s stock valued at $224,000 after acquiring an additional 3,513 shares during the period. Parametrica Management Ltd bought a new stake in Fortinet in the 1st quarter valued at $228,000. Finally, Neuberger Berman Group LLC bought a new stake in Fortinet in the 1st quarter valued at $231,000. Institutional investors own 69.12% of the company’s stock.
A number of research analysts have commented on FTNT shares. Morgan Stanley lowered Fortinet from an “overweight” rating to an “equal weight” rating and set a $53.00 price objective on the stock. in a report on Wednesday, April 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $50.00) on shares of Fortinet in a report on Thursday, March 29th. UBS Group upped their price objective on Fortinet from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 21st. Credit Suisse Group reaffirmed a “sell” rating and issued a $37.00 price objective on shares of Fortinet in a report on Wednesday, February 28th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $56.00 price objective (up from $50.00) on shares of Fortinet in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet presently has a consensus rating of “Buy” and an average price target of $55.55.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.09. The company had revenue of $399.00 million for the quarter, compared to analyst estimates of $390.60 million. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. Fortinet’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.17 EPS. research analysts anticipate that Fortinet Inc will post 0.88 earnings per share for the current year.
In related news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction dated Monday, June 18th. The stock was sold at an average price of $64.98, for a total value of $81,225.00. Following the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $604,898.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Judith Sim sold 7,500 shares of the firm’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $60.05, for a total value of $450,375.00. Following the completion of the sale, the director now directly owns 11,250 shares in the company, valued at $675,562.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,214 shares of company stock worth $5,052,515. 17.70% of the stock is currently owned by insiders.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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