Fortinet Inc (NASDAQ:FTNT) Stake Lowered by Carnick & Kubik Group LLC

Carnick & Kubik Group LLC decreased its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 7.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,698 shares of the software maker’s stock after selling 4,684 shares during the quarter. Carnick & Kubik Group LLC’s holdings in Fortinet were worth $4,593,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in FTNT. Vanguard Group Inc grew its position in Fortinet by 2.9% in the 3rd quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock valued at $1,281,168,000 after purchasing an additional 394,636 shares during the period. Oregon Public Employees Retirement Fund grew its position in Fortinet by 3,990.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock valued at $47,000 after purchasing an additional 3,204,555 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd grew its position in Fortinet by 45.5% in the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock valued at $183,048,000 after purchasing an additional 812,206 shares during the period. Geode Capital Management LLC grew its position in Fortinet by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after purchasing an additional 787,230 shares during the period. Finally, AQR Capital Management LLC grew its position in Fortinet by 51.8% in the 3rd quarter. AQR Capital Management LLC now owns 2,263,905 shares of the software maker’s stock valued at $208,891,000 after purchasing an additional 772,344 shares during the period. 74.61% of the stock is owned by institutional investors.

In other news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $92.44, for a total transaction of $115,550.00. Following the sale, the vice president now directly owns 10,559 shares in the company, valued at approximately $976,073.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 60,000 shares of Fortinet stock in a transaction on Monday, March 4th. The stock was sold at an average price of $84.06, for a total value of $5,043,600.00. Following the sale, the vice president now owns 6,444,644 shares in the company, valued at $541,736,774.64. The disclosure for this sale can be found here. Insiders have sold a total of 200,190 shares of company stock worth $16,650,545 over the last quarter. Company insiders own 17.70% of the company’s stock.

FTNT has been the subject of several research reports. BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. OTR Global downgraded shares of Fortinet to a “positive” rating in a research report on Friday, January 18th. Oppenheimer reduced their price target 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 Friday, January 18th. Finally, Monness Crespi & Hardt restated a “buy” rating and set a $97.00 price objective (up from $95.00) on shares of Fortinet in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $85.36.

NASDAQ FTNT opened at $85.96 on Friday. The firm has a market cap of $14.67 billion, a PE ratio of 71.63, a price-to-earnings-growth ratio of 4.41 and a beta of 0.93. Fortinet Inc has a one year low of $53.40 and a one year high of $96.96.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.26. The company had revenue of $472.60 million for the quarter, compared to analysts’ expectations of $471.90 million. Fortinet had a return on equity of 23.56% and a net margin of 18.64%. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. On average, research analysts predict that Fortinet Inc will post 1.26 earnings per share for the current fiscal year.

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Fortinet 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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