ETF Managers Group LLC decreased its holdings in Fortinet Inc (NASDAQ:FTNT) by 7.5% in the first quarter, HoldingsChannel reports. The firm owned 680,336 shares of the software maker’s stock after selling 55,002 shares during the period. Fortinet comprises about 2.8% of ETF Managers Group LLC’s portfolio, making the stock its 9th largest position. ETF Managers Group LLC’s holdings in Fortinet were worth $57,128,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. First Mercantile Trust Co. acquired a new stake in Fortinet during the 4th quarter worth about $580,000. Northern Trust Corp lifted its position in Fortinet by 14.1% during the 4th quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock worth $110,311,000 after acquiring an additional 193,805 shares during the period. Canada Pension Plan Investment Board lifted its position in Fortinet by 25.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after acquiring an additional 97,700 shares during the period. Cim LLC acquired a new stake in Fortinet during the 4th quarter worth about $487,000. Finally, Altshuler Shaham Ltd lifted its position in Fortinet by 2.8% during the 4th quarter. Altshuler Shaham Ltd now owns 1,390,472 shares of the software maker’s stock worth $97,931,000 after acquiring an additional 38,006 shares during the period. 70.88% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortinet stock opened at $82.62 on Friday. Fortinet Inc has a twelve month low of $58.10 and a twelve month high of $96.96. The stock has a market capitalization of $14.11 billion, a P/E ratio of 68.85, a price-to-earnings-growth ratio of 4.20 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million during the quarter, compared to analyst estimates of $471.90 million. During the same quarter in the previous year, the business earned $0.33 EPS. Fortinet’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, research analysts forecast that Fortinet Inc will post 1.31 earnings per share for the current year.
In related news, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $83.18, for a total value of $83,180.00. Following the completion of the transaction, the director now owns 73,621 shares in the company, valued at approximately $6,123,794.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 8,000 shares of Fortinet stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.70, for a total value of $669,600.00. Following the completion of the transaction, the chief executive officer now owns 12,525,740 shares of the company’s stock, valued at approximately $1,048,404,438. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,843 shares of company stock valued at $8,875,544. 17.70% of the stock is owned by company insiders.
A number of brokerages have commented on FTNT. Stifel Nicolaus lifted their price target on Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Tuesday, April 16th. OTR Global raised Fortinet to a “positive” rating in a research report on Monday, April 15th. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 13th. Northland Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Fortinet in a research report on Friday, May 3rd. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating and set a $97.00 price target (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $85.13.
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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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