Toth Financial Advisory Corp lessened its position in shares of Fortinet Inc (NASDAQ:FTNT) by 16.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 710 shares of the software maker’s stock after selling 140 shares during the quarter. Toth Financial Advisory Corp’s holdings in Fortinet were worth $60,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in FTNT. Sciencast Management LP acquired a new position in Fortinet in the 1st quarter valued at about $870,000. TrimTabs Asset Management LLC raised its stake in Fortinet by 5.0% in the 1st quarter. TrimTabs Asset Management LLC now owns 20,389 shares of the software maker’s stock valued at $1,712,000 after purchasing an additional 966 shares during the last quarter. Contravisory Investment Management Inc. raised its stake in Fortinet by 8,653.1% in the 1st quarter. Contravisory Investment Management Inc. now owns 4,289 shares of the software maker’s stock valued at $360,000 after purchasing an additional 4,240 shares during the last quarter. Legacy Advisors LLC acquired a new position in Fortinet in the 1st quarter valued at about $30,000. Finally, Dorsey Wright & Associates raised its stake in Fortinet by 52.0% in the 1st quarter. Dorsey Wright & Associates now owns 24,972 shares of the software maker’s stock valued at $2,097,000 after purchasing an additional 8,539 shares during the last quarter. 74.75% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Tuesday. OTR Global raised shares of Fortinet to a “positive” rating in a research note on Monday. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Zacks Investment Research downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 9th. Finally, Mizuho assumed coverage on shares of Fortinet in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $90.00 target price for the company. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $82.26.
In other Fortinet news, VP Michael Xie sold 9,124 shares of the company’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $81.54, for a total value of $743,970.96. Following the completion of the transaction, the vice president now owns 6,460,100 shares in the company, valued at approximately $526,756,554. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP John Whittle sold 7,768 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $79.69, for a total value of $619,031.92. Following the completion of the transaction, the vice president now owns 10,559 shares of the company’s stock, valued at approximately $841,446.71. The disclosure for this sale can be found here. Insiders have sold a total of 196,499 shares of company stock valued at $16,309,857 in the last quarter. Company insiders own 17.70% of the company’s stock.
Shares of NASDAQ:FTNT opened at $94.05 on Wednesday. Fortinet Inc has a 1 year low of $53.40 and a 1 year high of $96.96. The stock has a market cap of $16.05 billion, a PE ratio of 83.23, a PEG ratio of 4.90 and a beta of 0.90.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million during the quarter, compared to analysts’ expectations of $496.33 million. During the same quarter in the previous year, the business earned $0.32 EPS. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, research analysts expect that Fortinet Inc will post 1.25 earnings per share for the current fiscal year.
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Fortinet Company Profile
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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