Rice Partnership LLC reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 15.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,708 shares of the software maker’s stock after selling 13,995 shares during the quarter. Rice Partnership LLC’s holdings in Fortinet were worth $3,720,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the business. Ritholtz Wealth Management boosted its stake in Fortinet by 40.7% during the 3rd quarter. Ritholtz Wealth Management now owns 10,897 shares of the software maker’s stock valued at $535,000 after purchasing an additional 3,150 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Fortinet by 4.2% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 30,885 shares of the software maker’s stock valued at $1,517,000 after purchasing an additional 1,250 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Fortinet by 525.3% during the 2nd quarter. Lazard Asset Management LLC now owns 479,543 shares of the software maker’s stock valued at $27,132,000 after purchasing an additional 402,855 shares in the last quarter. DnB Asset Management AS boosted its stake in Fortinet by 403.9% during the 2nd quarter. DnB Asset Management AS now owns 112,060 shares of the software maker’s stock valued at $6,340,000 after purchasing an additional 89,820 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Fortinet during the 3rd quarter valued at $1,265,000. 64.35% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Fortinet news, VP John Whittle sold 3,125 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the transaction, the vice president now directly owns 12,876 shares in the company, valued at $708,180. The transaction was disclosed in a filing with the SEC, which is available through this link. 18.80% of the stock is owned by corporate insiders.
Fortinet Trading Up 1.0 %
Shares of NASDAQ:FTNT opened at $48.87 on Monday. Fortinet, Inc. has a 1 year low of $42.61 and a 1 year high of $71.52. The business has a fifty day simple moving average of $51.30 and a 200 day simple moving average of $52.82. The firm has a market cap of $38.18 billion, a price-to-earnings ratio of 53.94, a P/E/G ratio of 2.57 and a beta of 1.13.
Fortinet (NASDAQ:FTNT – Get Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.08. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the company earned $0.15 earnings per share. Fortinet’s quarterly revenue was up 32.6% compared to the same quarter last year. On average, sell-side analysts forecast that Fortinet, Inc. will post 0.9 EPS for the current year.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reduced their price objective on Fortinet from $69.00 to $57.00 and set a “sector perform” rating for the company in a research note on Thursday, November 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 7th. BMO Capital Markets reduced their price objective on Fortinet from $68.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, November 3rd. Wedbush reduced their price objective on Fortinet from $76.00 to $64.00 in a research note on Thursday, November 3rd. Finally, Oppenheimer reduced their price objective on Fortinet from $80.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, November 3rd. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Moderate Buy” and a consensus price target of $67.00.
About Fortinet
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.