Fortinet Inc (FTNT) is ETF Managers Group LLC’s 9th Largest Position

Share on StockTwits

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.

ILLEGAL ACTIVITY WARNING: This report was first reported by Fairfield Current and is the property of of Fairfield Current. If you are viewing this report on another domain, it was copied illegally and reposted in violation of U.S. & international copyright law. The correct version of this report can be accessed at https://www.fairfieldcurrent.com/news/2019/05/19/fortinet-inc-ftnt-is-etf-managers-group-llcs-9th-largest-position.html.

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.

Featured Story: How to Track your Portfolio in Google Finance

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.



Leave a Reply