Beck Bode LLC Sells 460 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Beck Bode LLC lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 2.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 18,130 shares of the software maker’s stock after selling 460 shares during the period. Beck Bode LLC’s holdings in Fortinet were worth $1,370,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Fortinet by 99,008.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 213,366,900 shares of the software maker’s stock worth $16,128,404,000 after buying an additional 213,151,613 shares during the period. Moneta Group Investment Advisors LLC grew its stake in Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after acquiring an additional 14,586,086 shares during the period. Norges Bank acquired a new stake in Fortinet in the 4th quarter valued at $312,964,000. Ninety One UK Ltd acquired a new position in shares of Fortinet during the second quarter valued at about $196,858,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Fortinet by 57.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,673,226 shares of the software maker’s stock worth $443,503,000 after purchasing an additional 2,440,659 shares in the last quarter. Institutional investors and hedge funds own 65.00% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, EVP Patrice Perche sold 7,535 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $58.29, for a total value of $439,215.15. Following the sale, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at $1,499,801.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Patrice Perche sold 7,535 shares of Fortinet stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $58.29, for a total value of $439,215.15. Following the completion of the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,499,801.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 552 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were purchased at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the completion of the transaction, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The disclosure for this purchase can be found here. Insiders sold a total of 61,333 shares of company stock valued at $3,505,054 in the last 90 days. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Cantor Fitzgerald downgraded shares of Fortinet from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $75.00 to $50.00 in a report on Friday, November 3rd. Morgan Stanley decreased their price objective on Fortinet from $75.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, November 3rd. Evercore ISI reiterated an “in-line” rating and issued a $51.00 target price (down from $78.00) on shares of Fortinet in a research note on Friday, November 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.00 price target (down previously from $67.00) on shares of Fortinet in a research report on Friday, November 3rd. Finally, Wedbush dropped their price objective on shares of Fortinet from $70.00 to $69.00 and set an “outperform” rating for the company in a report on Friday, August 4th. Nineteen equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $65.77.

Read Our Latest Research Report on FTNT

Fortinet Stock Down 0.4 %

Shares of NASDAQ:FTNT traded down $0.22 during midday trading on Thursday, reaching $50.84. The company’s stock had a trading volume of 2,031,614 shares, compared to its average volume of 5,776,383. The company has a quick ratio of 1.17, a current ratio of 1.30 and a debt-to-equity ratio of 13.38. The firm has a 50 day moving average of $57.41 and a 200-day moving average of $64.66. The firm has a market capitalization of $39.04 billion, a P/E ratio of 35.21, a PEG ratio of 2.27 and a beta of 1.14. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Fortinet had a net margin of 22.25% and a return on equity of 3,361.82%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the company earned $0.28 earnings per share. The business’s revenue was up 15.7% compared to the same quarter last year. On average, research analysts anticipate that Fortinet, Inc. will post 1.28 earnings per share for the current year.

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking 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.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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