SG Americas Securities LLC Trims Stake in Fortinet (FTNT)

SG Americas Securities LLC lowered its holdings in shares of Fortinet (NASDAQ:FTNT) by 22.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,819 shares of the software maker’s stock after selling 10,575 shares during the quarter. SG Americas Securities LLC’s holdings in Fortinet were worth $1,973,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SeaCrest Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter worth approximately $109,000. Cerebellum GP LLC purchased a new stake in Fortinet in the 4th quarter worth approximately $125,000. First Mercantile Trust Co. purchased a new stake in Fortinet in the 4th quarter worth approximately $135,000. First Republic Investment Management Inc. purchased a new stake in Fortinet in the 4th quarter worth approximately $208,000. Finally, Capital One National Association purchased a new stake in Fortinet in the 4th quarter worth approximately $213,000. 69.53% of the stock is owned by hedge funds and other institutional investors.

In related news, CFO Keith Jensen sold 3,424 shares of the firm’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $59.24, for a total value of $202,837.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Whittle sold 624 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $54.44, for a total value of $33,970.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,338 shares of company stock valued at $1,904,761. 16.40% of the stock is owned by corporate insiders.

Several equities research analysts recently issued reports on FTNT shares. Morgan Stanley lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating and set a $53.00 target price for the company. in a report on Wednesday, April 11th. JMP Securities increased their target price on shares of Fortinet from $41.00 to $54.00 and gave the stock a “market outperform” rating in a report on Friday, January 26th. UBS increased their target price on shares of Fortinet from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 21st. BMO Capital Markets reissued an “outperform” rating and issued a $58.00 target price (up from $50.00) on shares of Fortinet in a report on Thursday, March 29th. Finally, Credit Suisse Group reissued a “sell” rating and issued a $37.00 target price on shares of Fortinet in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.61.

NASDAQ FTNT opened at $58.29 on Friday. The company has a market cap of $9.85 billion, a PE ratio of 88.80, a PEG ratio of 4.15 and a beta of 0.75. Fortinet has a one year low of $58.70 and a one year high of $59.50.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. The company had revenue of $399.00 million during the quarter, compared to the consensus estimate of $390.60 million. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. Fortinet’s revenue was up 17.1% on a year-over-year basis. During the same period last year, the company earned $0.17 earnings per share. sell-side analysts predict that Fortinet will post 0.84 earnings per share for the current fiscal year.

Fortinet Company Profile

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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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