Twin Capital Management Inc. Lowers Holdings in Fortinet Inc (NASDAQ:FTNT)

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Twin Capital Management Inc. decreased its holdings in Fortinet Inc (NASDAQ:FTNT) by 27.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,130 shares of the software maker’s stock after selling 27,040 shares during the quarter. Twin Capital Management Inc.’s holdings in Fortinet were worth $5,388,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Valeo Financial Advisors LLC lifted its position in Fortinet by 2,117.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares in the last quarter. Bremer Bank National Association bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $44,000. Amica Retiree Medical Trust bought a new stake in shares of Fortinet in the 2nd quarter valued at approximately $51,000. CWM LLC increased its holdings in shares of Fortinet by 299.6% in the 2nd quarter. CWM LLC now owns 991 shares of the software maker’s stock valued at $76,000 after acquiring an additional 743 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Fortinet by 32.0% in the 2nd quarter. Bessemer Group Inc. now owns 1,027 shares of the software maker’s stock valued at $79,000 after acquiring an additional 249 shares during the last quarter. 72.38% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently weighed in on FTNT. Barclays reiterated a “hold” rating and issued a $99.00 price target on shares of Fortinet in a report on Sunday, August 4th. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 25th. Citigroup boosted their price target on Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Monness Crespi & Hardt reiterated a “buy” rating and issued a $102.00 price target (up from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Finally, Morgan Stanley boosted their price target on Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $87.96.

In other news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the sale, the director now directly owns 72,621 shares of the company’s stock, valued at $5,927,326.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total value of $660,640.00. Following the sale, the chief executive officer now directly owns 12,521,600 shares of the company’s stock, valued at $1,034,033,728. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,749 shares of company stock valued at $3,858,465. 17.20% of the stock is currently owned by company insiders.

Shares of Fortinet stock traded down $0.22 during trading on Thursday, hitting $80.49. The stock had a trading volume of 50,636 shares, compared to its average volume of 1,740,378. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of 71.59, a P/E/G ratio of 3.75 and a beta of 1.08. The firm’s fifty day simple moving average is $82.52. Fortinet Inc has a fifty-two week low of $64.41 and a fifty-two week high of $96.96.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.30 by $0.28. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The business had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the prior year, the business posted $0.41 earnings per share. Fortinet’s revenue was up 18.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet Inc will post 1.42 EPS for the current year.

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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