There has been some selling insider activity on Fortinet, Inc. (NASDAQ:FTNT) recently. Ming Hsieh, Director disclosed the sale of 4,743 shares of FTNT stock. The shares were purchased at an average price of $39.29. The Director now owns $0 of the stock according to the SEC filing. Keith Jensen, CAO disclosed the sale of 624 shares. The shares were purchased at an average price of $40.73. The CAO now owns $14,418 of the stock per the Form 4 SEC filing.
John Whittle, VP Corp Dev&Strat Alliance,GC reported the sale of 5,583 shares of FTNT stock. The shares were purchased at an average price of $40.00. Whittle now owns $187,240 of the stock per the Form 4 SEC filing.
Fortinet, Inc., launched on November 28, 2000, is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. It provides protection against cyber-attacks and the technology to take on security performance requirements of the network. It offers a range of security products and solutions, providing customers with an integrated network security architecture and a source of threat intelligence to identify and minimize security gaps. The Business’s network security solution consists of FortiGate physical, software and cloud solutions, which are deployable in the business environments of enterprises, service providers and small and medium-sized businesses, as well as government organizations. These platforms provide a range of integrated security and networking functions to help protect data, applications and users from network- and content-level security threats..
Here are some other firms who have updated their holdings. Proficio Capital Partners LLC grew its position by buying 95 shares an increase of 633.3% as of 03/31/2017. Proficio Capital Partners LLC currently owns 110 shares with a value of $4,000. The total value of its holdings increased 300.0%. Fny Partners Fund Lp bolstered its holdings by buying 1,346 shares an increase of 2,492.6% from 12/31/2016 to 03/31/2017. Fny Partners Fund Lp owns 1,400 shares worth $53,000. The value of the position overall is up by 2,550.0%.
As of quarter end Morgan Stanley had disposed of 956 shares trimming its stake by 3.6%. The value of the company’s investment in Fortinet, Inc. increased from $796,000 to $977,000 a change of $181,000 quarter over quarter. As of quarter end Schroder Investment Management Group had bought a total of 559,231 shares growing its position 1,094.7%. The value of the investment in (FTNT) increased from $1,539,000 to $23,100,000 a change of $21,561,000 for the reporting period.
On June 7 analysts at Susquehanna issued its first research report on the stock with an initial rating of “Neutral”. Equity analyst Morgan Stanley both upgraded the stock and raised the price target on November 15 boosting the price target from $33.00 to $39.00 and setting the rating at “Overweight” which had previously been “Equal-Weight”.
On November 15 the stock rating was upgraded to “Overweight” from “Equal-Weight” and a price target of $39.00 was set by analysts at Morgan Stanley. On October 12 UBS held the company rating at “Buy” and raised the price target to $40.00 from $30.00.
October 12 investment analysts at Citigroup made no change to the company rating of “Neutral” and lowered the price expectation from $35.00 to $31.00. Morgan Stanley raised the price target and downgraded the stock on October 12 changing the price target from $29.00 to $33.00 and changing the rating from “Equal-weight” to “Equal-Weight”.
In the market the company is trading down by -5.57 percent from yesterday’s close. Shares last traded at $37.32 which is slightly below $39.58, the 50 day moving average and just above the 200 day moving average of $35.57. The 50 day moving average moved down $-2.26 and the 200 day average went up $1.75 or +4.93%.
The company’s P/E ratio is 162.26 and the market cap is 6.56B. In the last earnings report the EPS was $0.23 and is projected to be $0.91 for the current year with 175,760,000 shares presently outstanding. Analysts expect next quarter’s EPS to be $0.22 with next year’s EPS projected to be $1.12.
Investors are a little more bullish on the company recently considering the motion in short interest. The company had a fall in short interest from April 28, 2017 to May 15, 2017 of -0.35%. Short shares fell from 5,644,626 to 5,624,844 over that period. With short interest at 5,624,844 and short average daily volume at 1,639,261, the short-interest ratio is 3.4 and the short interest percentage is 0.03% as of May 15.