Bessemer Group Inc. boosted its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 41.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,281 shares of the software maker’s stock after buying an additional 375 shares during the quarter. Bessemer Group Inc.’s holdings in Fortinet were worth $90,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Commonwealth Equity Services LLC boosted its holdings in shares of Fortinet by 33.1% during the third quarter. Commonwealth Equity Services LLC now owns 6,913 shares of the software maker’s stock worth $637,000 after acquiring an additional 1,719 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Fortinet by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 1,202,619 shares of the software maker’s stock valued at $110,966,000 after buying an additional 74,061 shares during the period. Toronto Dominion Bank boosted its stake in shares of Fortinet by 9.1% in the third quarter. Toronto Dominion Bank now owns 15,523 shares of the software maker’s stock valued at $1,432,000 after buying an additional 1,289 shares during the period. MML Investors Services LLC bought a new stake in shares of Fortinet in the third quarter valued at approximately $251,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Fortinet by 52.2% in the third quarter. Alliancebernstein L.P. now owns 144,403 shares of the software maker’s stock valued at $13,324,000 after buying an additional 49,515 shares during the period. 74.74% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Michael Xie sold 9,124 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.54, for a total transaction of $743,970.96. Following the completion of the transaction, the vice president now directly owns 6,460,100 shares of the company’s stock, valued at $526,756,554. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $78.20, for a total transaction of $97,750.00. Following the sale, the vice president now directly owns 10,559 shares of the company’s stock, valued at $825,713.80. The disclosure for this sale can be found here. Insiders sold 196,499 shares of company stock worth $16,309,857 in the last 90 days. Corporate insiders own 17.70% of the company’s stock.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The company had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. During the same period last year, the firm earned $0.32 EPS. Fortinet’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, equities analysts anticipate that Fortinet Inc will post 1.25 earnings per share for the current year.
Several equities research analysts recently issued reports on FTNT shares. Goldman Sachs Group cut Fortinet from a “buy” rating to a “sell” rating and cut their price target for the company from $95.00 to $59.00 in a research note on Friday, January 4th. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Oppenheimer lowered their price objective on shares of Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. Finally, BMO Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $81.26.
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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