Fortinet Inc (FTNT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. decreased its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 40.1% during the 1st quarter, HoldingsChannel reports. The firm owned 134,787 shares of the software maker’s stock after selling 90,270 shares during the quarter. Franklin Resources Inc.’s holdings in Fortinet were worth $7,222,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Guggenheim Capital LLC boosted its position in shares of Fortinet by 147.4% during the 4th quarter. Guggenheim Capital LLC now owns 432,467 shares of the software maker’s stock valued at $18,895,000 after purchasing an additional 257,687 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Fortinet by 6.3% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 486,700 shares of the software maker’s stock valued at $21,264,000 after purchasing an additional 29,024 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of Fortinet by 39.6% during the 4th quarter. Toronto Dominion Bank now owns 8,809 shares of the software maker’s stock valued at $385,000 after purchasing an additional 2,499 shares in the last quarter. Thrivent Financial For Lutherans boosted its position in shares of Fortinet by 4.9% during the 4th quarter. Thrivent Financial For Lutherans now owns 434,802 shares of the software maker’s stock valued at $18,996,000 after purchasing an additional 20,275 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Fortinet by 6.6% during the 4th quarter. UBS Asset Management Americas Inc. now owns 457,249 shares of the software maker’s stock valued at $19,977,000 after purchasing an additional 28,247 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

Shares of FTNT opened at $63.25 on Tuesday. The company has a market cap of $10.51 billion, a P/E ratio of 121.63, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. Fortinet Inc has a 12 month low of $35.44 and a 12 month high of $63.72.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.09. The company had revenue of $399.00 million during the quarter, compared to the consensus estimate of $390.60 million. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. Fortinet’s revenue was up 17.1% on a year-over-year basis. During the same period last year, the business posted $0.17 earnings per share. research analysts anticipate that Fortinet Inc will post 0.88 EPS for the current fiscal year.

In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $60.00, for a total value of $75,000.00. Following the completion of the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $558,540. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 50,000 shares of the firm’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $60.51, for a total value of $3,025,500.00. Following the completion of the sale, the chief executive officer now directly owns 12,562,906 shares of the company’s stock, valued at $760,181,442.06. The disclosure for this sale can be found here. Insiders sold 82,964 shares of company stock valued at $4,971,290 over the last three months. Company insiders own 17.70% of the company’s stock.

Several brokerages recently commented on FTNT. UBS Group upped their target price on Fortinet from $64.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, May 21st. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Wednesday, May 2nd. Monness Crespi & Hardt reiterated a “buy” rating and issued a $56.00 price target (up previously from $50.00) on shares of Fortinet in a report on Wednesday, February 28th. Citigroup increased their price target on Fortinet from $45.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, April 16th. Finally, Bank of America increased their price target on Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $55.55.

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand
Yankees Former Ace Ron Guidry Says Luis Severino Will Break His Records
Yankees Former Ace Ron Guidry Says Luis Severino Will Break His Records
Ruptured Biceps Tendon Ends Miguel Cabrera’s Season
Ruptured Biceps Tendon Ends Miguel Cabrera’s Season
Dodgers Getting Big Unexpected Lift from Three Players
Dodgers Getting Big Unexpected Lift from Three Players
What does legal betting mean for the baseball industry?
What does legal betting mean for the baseball industry?
Dodgers Use Nine Pitchers in Nine-Inning Game
Dodgers Use Nine Pitchers in Nine-Inning Game


Leave a Reply

 
© 2006-2018 BBNS.