Traders Sell Fortinet (FTNT) on Strength (FTNT)

Traders sold shares of Fortinet Inc (NASDAQ:FTNT) on strength during trading hours on Thursday. $22.60 million flowed into the stock on the tick-up and $79.36 million flowed out of the stock on the tick-down, for a money net flow of $56.76 million out of the stock. Of all stocks tracked, Fortinet had the 21st highest net out-flow for the day. Fortinet traded up $1.50 for the day and closed at $68.54

Several research analysts have weighed in on the company. Raymond James upgraded Fortinet from a “market perform” rating to an “outperform” rating in a report on Tuesday. Zacks Investment Research reiterated a “buy” rating and set a $84.00 target price on shares of Fortinet in a report on Tuesday, November 13th. Dougherty & Co upgraded Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Monday, November 5th. Barclays restated a “hold” rating and issued a $90.00 price target on shares of Fortinet in a report on Sunday, November 4th. Finally, ValuEngine lowered Fortinet from a “strong-buy” rating to a “buy” rating in a report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $78.77.

The firm has a market capitalization of $11.42 billion, a PE ratio of 131.81, a PEG ratio of 3.91 and a beta of 0.81.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.04. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. The business had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. Fortinet’s revenue was up 21.3% on a year-over-year basis. On average, equities research analysts forecast that Fortinet Inc will post 1.02 earnings per share for the current year.

In related news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $65.77, for a total transaction of $65,770.00. Following the sale, the director now owns 74,621 shares in the company, valued at $4,907,823.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 7,015 shares of the company’s stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $85.50, for a total value of $599,782.50. The disclosure for this sale can be found here. Insiders have sold 91,730 shares of company stock worth $7,458,480 in the last quarter. 17.70% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Fortinet by 0.3% during the third quarter. BlackRock Inc. now owns 14,193,798 shares of the software maker’s stock worth $1,309,663,000 after buying an additional 36,253 shares during the last quarter. AQR Capital Management LLC increased its position in Fortinet by 51.8% during the third quarter. AQR Capital Management LLC now owns 2,263,905 shares of the software maker’s stock worth $208,891,000 after buying an additional 772,344 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its position in Fortinet by 22.7% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,786,803 shares of the software maker’s stock worth $164,868,000 after buying an additional 330,288 shares during the last quarter. Bank of America Corp DE increased its position in Fortinet by 4.9% during the second quarter. Bank of America Corp DE now owns 1,652,926 shares of the software maker’s stock worth $103,192,000 after buying an additional 76,578 shares during the last quarter. Finally, William Blair Investment Management LLC increased its position in Fortinet by 29.2% during the third quarter. William Blair Investment Management LLC now owns 1,541,712 shares of the software maker’s stock worth $142,254,000 after buying an additional 348,348 shares during the last quarter. Institutional investors and hedge funds own 70.74% of the company’s stock.

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About Fortinet (NASDAQ:FTNT)

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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