OxFORD Asset Management LLP Sells 44,191 Shares of Fortinet, Inc. (FTNT)
OxFORD Asset Management LLP lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 26.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 120,522 shares of the software maker’s stock after selling 44,191 shares during the quarter. OxFORD Asset Management LLP owned approximately 0.07% of Fortinet worth $4,339,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. D.A. Davidson & CO. raised its position in Fortinet by 1.1% in the 2nd quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock valued at $388,000 after buying an additional 114 shares during the last quarter. Flagship Harbor Advisors LLC raised its position in Fortinet by 2.7% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock valued at $288,000 after buying an additional 200 shares during the last quarter. TRUE Private Wealth Advisors raised its position in Fortinet by 3.4% in the 2nd quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock valued at $241,000 after buying an additional 211 shares during the last quarter. World Asset Management Inc raised its position in Fortinet by 3.2% in the 2nd quarter. World Asset Management Inc now owns 10,787 shares of the software maker’s stock valued at $404,000 after buying an additional 336 shares during the last quarter. Finally, KCM Investment Advisors LLC raised its position in Fortinet by 4.2% in the 2nd quarter. KCM Investment Advisors LLC now owns 9,990 shares of the software maker’s stock valued at $374,000 after buying an additional 400 shares during the last quarter. 70.03% of the stock is currently owned by institutional investors and hedge funds.
Fortinet, Inc. (NASDAQ FTNT) opened at $41.29 on Thursday. The firm has a market capitalization of $7,147.30, a P/E ratio of 74.73, a price-to-earnings-growth ratio of 5.07 and a beta of 0.92. Fortinet, Inc. has a one year low of $28.50 and a one year high of $42.49.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The firm had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business’s revenue was up 18.2% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. equities analysts forecast that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.
Fortinet declared that its Board of Directors has approved a stock buyback program on Thursday, October 26th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of Fortinet stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total value of $72,520.00. Following the transaction, the insider now owns 1,374 shares of the company’s stock, valued at $53,860.80. The disclosure for this sale can be found here. Insiders have sold a total of 59,606 shares of company stock valued at $2,453,806 over the last quarter. 16.40% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently issued reports on FTNT shares. Piper Jaffray Companies reissued a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research report on Friday, October 27th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 26th. Credit Suisse Group started coverage on Fortinet in a research report on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 target price on the stock. BidaskClub raised Fortinet from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 23rd. Finally, BMO Capital Markets reissued a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $44.26.
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Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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