Hound Partners LLC lessened its stake in Fortinet Inc (NASDAQ:FTNT) by 71.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,849,445 shares of the software maker’s stock after selling 4,724,396 shares during the period. Fortinet comprises about 2.2% of Hound Partners LLC’s investment portfolio, making the stock its 15th largest position. Hound Partners LLC’s holdings in Fortinet were worth $80,802,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Dimensional Fund Advisors LP grew its position in shares of Fortinet by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 259,916 shares of the software maker’s stock valued at $9,732,000 after buying an additional 4,124 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Fortinet in the 3rd quarter valued at about $531,000. Victory Capital Management Inc. bought a new stake in shares of Fortinet in the 3rd quarter valued at about $1,300,000. Canada Pension Plan Investment Board grew its position in shares of Fortinet by 16.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 64,100 shares of the software maker’s stock valued at $2,297,000 after buying an additional 9,000 shares during the last quarter. Finally, Andra AP fonden grew its position in shares of Fortinet by 36.1% in the 3rd quarter. Andra AP fonden now owns 36,200 shares of the software maker’s stock valued at $1,297,000 after buying an additional 9,600 shares during the last quarter. Hedge funds and other institutional investors own 68.77% of the company’s stock.
FTNT has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Tuesday, December 12th. Barclays upped their target price on Fortinet from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 6th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, February 13th. Monness Crespi & Hardt restated a “buy” rating and set a $56.00 target price (up previously from $50.00) on shares of Fortinet in a research report on Wednesday, February 28th. Finally, Deutsche Bank lowered Fortinet from a “buy” rating to a “hold” rating and set a $46.00 target price on the stock. in a research report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. Fortinet currently has an average rating of “Buy” and an average target price of $48.96.
Fortinet Inc (NASDAQ FTNT) opened at $54.00 on Wednesday. Fortinet Inc has a 52 week low of $35.44 and a 52 week high of $54.95. The firm has a market capitalization of $9,187.56, a P/E ratio of 319.12, a P/E/G ratio of 4.39 and a beta of 0.73.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 EPS. equities research analysts predict that Fortinet Inc will post 0.74 EPS for the current year.
ILLEGAL ACTIVITY WARNING: This article was originally published by Markets Daily and is the property of of Markets Daily. If you are viewing this article on another publication, it was illegally stolen and republished in violation of U.S. and international trademark and copyright legislation. The original version of this article can be accessed at https://www.themarketsdaily.com/2018/03/14/hound-partners-llc-has-80-80-million-holdings-in-fortinet-inc-ftnt.html.
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.
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).
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.