Rockefeller Capital Management L.P. Grows Position in Fortinet Inc (NASDAQ:FTNT)

Rockefeller Capital Management L.P. grew its position in Fortinet Inc (NASDAQ:FTNT) by 125.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,079 shares of the software maker’s stock after purchasing an additional 2,269 shares during the period. Rockefeller Capital Management L.P.’s holdings in Fortinet were worth $343,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Northern Trust Corp boosted its holdings in shares of Fortinet by 14.1% in the fourth quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock valued at $110,311,000 after acquiring an additional 193,805 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Fortinet by 25.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after buying an additional 97,700 shares in the last quarter. Altshuler Shaham Ltd boosted its holdings in Fortinet by 2.8% during the fourth quarter. Altshuler Shaham Ltd now owns 1,390,472 shares of the software maker’s stock worth $97,931,000 after buying an additional 38,006 shares in the last quarter. Strs Ohio lifted its position in shares of Fortinet by 9.4% in the 4th quarter. Strs Ohio now owns 6,442 shares of the software maker’s stock valued at $453,000 after acquiring an additional 553 shares in the last quarter. Finally, BOKF NA lifted its position in shares of Fortinet by 45.2% in the 4th quarter. BOKF NA now owns 56,431 shares of the software maker’s stock valued at $3,975,000 after acquiring an additional 17,574 shares in the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

FTNT has been the subject of a number of research analyst reports. Northland Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Fortinet in a research report on Friday, May 3rd. BidaskClub lowered shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Citigroup lowered shares of Fortinet from a “neutral” rating to a “sell” rating and lowered their target price for the company from $84.00 to $78.00 in a research note on Friday, May 3rd. Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price target (up from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, OTR Global upgraded shares of Fortinet to a “positive” rating in a research report on Monday, April 15th. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $85.54.

In other Fortinet news, VP John Whittle sold 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $92.44, for a total value of $115,550.00. Following the completion of the sale, the vice president now owns 10,559 shares of the company’s stock, valued at $976,073.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total value of $2,817,200.00. Following the completion of the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. Insiders have sold a total of 64,511 shares of company stock valued at $4,865,082 in the last ninety days. Insiders own 17.70% of the company’s stock.

NASDAQ:FTNT traded up $0.67 during trading hours on Wednesday, hitting $76.65. 29,718 shares of the company traded hands, compared to its average volume of 1,835,206. Fortinet Inc has a one year low of $61.08 and a one year high of $96.96. The stock has a market cap of $13.00 billion, a PE ratio of 67.68, a price-to-earnings-growth ratio of 3.75 and a beta of 1.13.

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. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The company had revenue of $472.60 million for the quarter, compared to analysts’ expectations of $471.90 million. During the same period in the previous year, the business posted $0.33 EPS. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities research analysts forecast that Fortinet Inc will post 1.31 earnings per share for the current year.

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About Fortinet

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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