Foundry Partners LLC Sells 282 Shares of Fortinet Inc (NASDAQ:FTNT)

Foundry Partners LLC lessened its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 11.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,180 shares of the software maker’s stock after selling 282 shares during the period. Foundry Partners LLC’s holdings in Fortinet were worth $221,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Norges Bank bought a new stake in Fortinet during the fourth quarter worth about $175,263,000. Renaissance Technologies LLC raised its holdings in Fortinet by 35.5% during the fourth quarter. Renaissance Technologies LLC now owns 5,750,888 shares of the software maker’s stock worth $613,965,000 after acquiring an additional 1,506,488 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Fortinet during the fourth quarter worth about $59,547,000. Assenagon Asset Management S.A. raised its holdings in Fortinet by 752.0% during the first quarter. Assenagon Asset Management S.A. now owns 638,966 shares of the software maker’s stock worth $64,644,000 after acquiring an additional 563,973 shares in the last quarter. Finally, Man Group plc raised its holdings in Fortinet by 257.6% during the fourth quarter. Man Group plc now owns 779,935 shares of the software maker’s stock worth $83,265,000 after acquiring an additional 561,805 shares in the last quarter. Institutional investors and hedge funds own 75.56% of the company’s stock.

In related news, Director Christopher B. Paisley sold 750 shares of Fortinet stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $144.00, for a total value of $108,000.00. Following the completion of the transaction, the director now directly owns 75,412 shares in the company, valued at approximately $10,859,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 26,828 shares of Fortinet stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $106.05, for a total transaction of $2,845,109.40. Following the completion of the transaction, the vice president now owns 6,186,340 shares of the company’s stock, valued at $656,061,357. The disclosure for this sale can be found here. Insiders sold a total of 35,402 shares of company stock worth $3,854,601 in the last ninety days. 17.20% of the stock is currently owned by insiders.

Several analysts recently issued reports on FTNT shares. UBS Group upped their target price on Fortinet from $115.00 to $122.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. DA Davidson increased their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Cowen reduced their target price on Fortinet from $115.00 to $105.00 and set a “market perform” rating for the company in a research note on Tuesday, April 21st. Barclays raised their price target on shares of Fortinet from $122.00 to $132.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Finally, Cfra raised their price target on shares of Fortinet from $95.00 to $125.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Fortinet currently has a consensus rating of “Hold” and a consensus target price of $121.73.

NASDAQ:FTNT opened at $142.64 on Friday. The stock has a market capitalization of $23.18 billion, a PE ratio of 66.65, a price-to-earnings-growth ratio of 5.55 and a beta of 0.92. The firm’s 50 day moving average is $116.09 and its 200 day moving average is $108.28. Fortinet Inc has a 12 month low of $68.87 and a 12 month high of $149.69.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $576.90 million for the quarter, compared to analysts’ expectations of $554.22 million. Fortinet had a net margin of 16.44% and a return on equity of 32.91%. Fortinet’s revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. As a group, sell-side analysts anticipate that Fortinet Inc will post 1.85 EPS for the current year.

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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