United Services Automobile Association lifted its stake in Fortinet Inc (NASDAQ:FTNT) by 41.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,712 shares of the software maker’s stock after buying an additional 34,562 shares during the quarter. United Services Automobile Association owned approximately 0.07% of Fortinet worth $8,290,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Tarbox Family Office Inc. purchased a new position in Fortinet during the fourth quarter worth approximately $25,000. Sun Life Financial INC purchased a new position in Fortinet during the fourth quarter worth approximately $28,000. Guardian Life Insurance Co. of America purchased a new position in Fortinet during the fourth quarter worth approximately $29,000. Bremer Trust National Association purchased a new position in Fortinet during the fourth quarter worth approximately $33,000. Finally, Gemmer Asset Management LLC boosted its position in Fortinet by 145.6% during the fourth quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock worth $45,000 after purchasing an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 73.78% of the company’s stock.
In related news, VP John Whittle sold 1,250 shares of the stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $70.51, for a total value of $88,137.50. Following the completion of the sale, the vice president now owns 9,309 shares of the company’s stock, valued at $656,377.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 9,124 shares of the stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.54, for a total value of $743,970.96. Following the completion of the sale, the vice president now directly owns 6,460,100 shares of the company’s stock, valued at approximately $526,756,554. The disclosure for this sale can be found here. In the last ninety days, insiders sold 197,127 shares of company stock valued at $16,334,589. Insiders own 17.70% of the company’s stock.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.11. The business had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share. As a group, sell-side analysts expect that Fortinet Inc will post 1.25 EPS for the current year.
A number of equities analysts have issued reports on the company. Goldman Sachs Group downgraded Fortinet from a “buy” rating to a “sell” rating and lowered their price target for the stock from $95.00 to $59.00 in a research report on Friday, January 4th. BMO Capital Markets downgraded Fortinet from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $90.00 to $78.00 in a research report on Tuesday, January 22nd. They noted that the move was a valuation call. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Saturday, December 8th. First Analysis upgraded Fortinet from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $92.00 in a research report on Friday, February 8th. Finally, Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet has an average rating of “Hold” and a consensus price target of $80.86.
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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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