United Services Automobile Association Buys 34,562 Shares of Fortinet Inc (FTNT)

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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.

NASDAQ FTNT opened at $83.26 on Friday. The company has a market capitalization of $14.21 billion, a PE ratio of 73.68, a PEG ratio of 3.92 and a beta of 0.92. Fortinet Inc has a 1-year low of $51.97 and a 1-year high of $94.37.

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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About Fortinet

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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