US Bancorp DE lifted its position in shares of Fortinet Inc (NASDAQ:FTNT) by 18.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,608 shares of the software maker’s stock after buying an additional 3,024 shares during the quarter. US Bancorp DE’s holdings in Fortinet were worth $857,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its stake in Fortinet by 7.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock worth $157,693,000 after purchasing an additional 288,097 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Fortinet by 8.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock worth $134,472,000 after purchasing an additional 296,648 shares in the last quarter. Pictet Asset Management Ltd. lifted its stake in Fortinet by 20.8% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock worth $64,358,000 after purchasing an additional 309,000 shares in the last quarter. Global Thematic Partners LLC lifted its stake in Fortinet by 16.9% in the 4th quarter. Global Thematic Partners LLC now owns 1,379,731 shares of the software maker’s stock worth $60,280,000 after purchasing an additional 199,227 shares in the last quarter. Finally, American Capital Management Inc. raised its position in shares of Fortinet by 9.3% during the 4th quarter. American Capital Management Inc. now owns 1,024,395 shares of the software maker’s stock valued at $44,756,000 after buying an additional 86,825 shares in the last quarter. Institutional investors own 68.72% of the company’s stock.
Fortinet Inc (NASDAQ FTNT) opened at $49.20 on Friday. The company has a market cap of $8,540.24, a PE ratio of 289.41, a price-to-earnings-growth ratio of 3.97 and a beta of 0.86. Fortinet Inc has a one year low of $35.44 and a one year high of $49.97.
Fortinet declared that its board has initiated a share buyback plan on Thursday, October 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the software maker to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, VP John Whittle sold 679 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $48.69, for a total transaction of $33,060.51. Following the transaction, the vice president now directly owns 8,684 shares in the company, valued at $422,823.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the transaction, the vice president now owns 6,692,200 shares in the company, valued at $280,737,790. The disclosure for this sale can be found here. Insiders sold a total of 209,315 shares of company stock worth $9,377,275 over the last 90 days. Insiders own 16.40% of the company’s stock.
FTNT has been the topic of several recent research reports. Piper Jaffray Companies restated a “buy” rating and set a $46.00 target price on shares of Fortinet in a research report on Friday, October 27th. Credit Suisse Group upped their target price on shares of Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a research report on Tuesday, February 6th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday, October 31st. Robert W. Baird upped their price target on shares of Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 11th. Finally, Deutsche Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $47.67.
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Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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