Fortinet Inc (NASDAQ:FTNT) Shares Sold by HMS Capital Management LLC

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HMS Capital Management LLC reduced its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 4.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,648 shares of the software maker’s stock after selling 683 shares during the period. HMS Capital Management LLC’s holdings in Fortinet were worth $1,048,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FTNT. Nordea Investment Management AB boosted its holdings in shares of Fortinet by 450.7% in the 1st quarter. Nordea Investment Management AB now owns 170,690 shares of the software maker’s stock valued at $14,334,000 after buying an additional 139,695 shares during the period. Cleararc Capital Inc. acquired a new position in shares of Fortinet in the 1st quarter valued at about $204,000. Horizon Investments LLC acquired a new position in shares of Fortinet in the 1st quarter valued at about $215,000. FMR LLC boosted its holdings in shares of Fortinet by 495.1% in the 1st quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock valued at $104,444,000 after buying an additional 1,034,818 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of Fortinet by 5.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock valued at $4,429,000 after buying an additional 2,678 shares during the period. 70.67% of the stock is owned by institutional investors.

In other Fortinet news, CEO Ken Xie sold 8,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $81.33, for a total transaction of $650,640.00. Following the sale, the chief executive officer now directly owns 12,523,273 shares in the company, valued at approximately $1,018,517,793.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the sale, the vice president now owns 6,338,989 shares in the company, valued at $495,265,210.57. The disclosure for this sale can be found here. Insiders have sold a total of 49,000 shares of company stock worth $3,856,560 over the last 90 days. 17.20% of the stock is owned by insiders.

Several research analysts have recently commented on the stock. BidaskClub lowered shares of Fortinet from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. ValuEngine lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $102.00 price target (up from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Robert W. Baird set a $100.00 price target on shares of Fortinet and gave the company a “hold” rating in a report on Sunday, September 15th. Finally, Bank of America raised shares of Fortinet from a “neutral” rating to a “buy” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $87.52.

NASDAQ:FTNT traded down $0.48 during mid-day trading on Tuesday, hitting $78.83. The stock had a trading volume of 60,865 shares, compared to its average volume of 1,123,337. The stock has a market capitalization of $13.62 billion, a price-to-earnings ratio of 69.81, a P/E/G ratio of 3.96 and a beta of 1.07. The company has a 50 day simple moving average of $78.54 and a 200-day simple moving average of $81.47. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The firm had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. Fortinet’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period last year, the firm posted $0.41 EPS. Equities research analysts anticipate that Fortinet Inc will post 1.43 EPS for the current year.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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