Oak Associates Ltd. OH decreased its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 13.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 16,000 shares of the software maker’s stock after selling 2,440 shares during the quarter. Oak Associates Ltd. OH’s holdings in Fortinet were worth $1,344,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also made changes to their positions in the company. Tarbox Family Office Inc. bought a new stake in Fortinet during the 4th quarter valued at approximately $25,000. Legacy Advisors LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $30,000. Sun Life Financial INC bought a new stake in Fortinet during the 4th quarter valued at approximately $28,000. Guardian Life Insurance Co. of America bought a new stake in Fortinet during the 4th quarter valued at approximately $29,000. Finally, Bremer Trust National Association bought a new stake in Fortinet during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 72.96% of the company’s stock.
In other news, CFO Keith Jensen sold 2,499 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $82.02, for a total value of $204,967.98. Following the completion of the transaction, the chief financial officer now directly owns 3,207 shares of the company’s stock, valued at approximately $263,038.14. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $81.62, for a total value of $81,620.00. Following the completion of the transaction, the director now directly owns 72,621 shares of the company’s stock, valued at $5,927,326.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,762 shares of company stock valued at $8,938,157. Insiders own 17.70% of the company’s stock.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating the consensus estimate of $0.20 by $0.26. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 EPS. Equities research analysts expect that Fortinet Inc will post 1.31 earnings per share for the current year.
FTNT has been the subject of several recent analyst reports. Northland Securities restated a “buy” rating and set a $100.00 target price on shares of Fortinet in a research note on Friday, May 3rd. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday, January 30th. Evercore ISI restated a “hold” rating and set a $80.00 target price on shares of Fortinet in a research note on Tuesday, May 7th. Gabelli downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, OTR Global upgraded Fortinet to a “positive” rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the company. Fortinet presently has an average rating of “Hold” and a consensus target price of $85.13.
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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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