Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in Fortinet Inc (FTNT)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Fortinet Inc (NASDAQ:FTNT) by 4.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 146,046 shares of the software maker’s stock after selling 6,831 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.09% of Fortinet worth $9,118,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FTNT. Blue Harbour Group L.P. acquired a new position in Fortinet during the 1st quarter worth approximately $146,798,000. Bank of Montreal Can raised its stake in Fortinet by 51.0% during the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after buying an additional 685,767 shares during the period. Contour Asset Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $35,733,000. KBC Group NV raised its stake in Fortinet by 306.3% during the 2nd quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock worth $41,531,000 after buying an additional 501,529 shares during the period. Finally, Park West Asset Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $24,256,000. 67.57% of the stock is currently owned by institutional investors and hedge funds.

Shares of FTNT opened at $76.35 on Wednesday. The company has a market cap of $12.73 billion, a P/E ratio of 146.83, a price-to-earnings-growth ratio of 4.66 and a beta of 0.55. Fortinet Inc has a 12 month low of $35.44 and a 12 month high of $76.46.



Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.22. The company had revenue of $441.30 million during the quarter, compared to the consensus estimate of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. Fortinet’s revenue was up 21.4% on a year-over-year basis. During the same period last year, the business posted $0.27 earnings per share. research analysts anticipate that Fortinet Inc will post 0.96 EPS for the current fiscal year.

Several analysts have recently commented on the company. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. JPMorgan Chase & Co. increased their price objective on Fortinet to $76.00 and gave the stock a “neutral” rating in a research note on Thursday, August 2nd. UBS Group increased their price objective on Fortinet from $64.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, May 21st. Bank of America increased their price objective on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Finally, Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 19th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $66.14.

In related news, CFO Keith Jensen sold 2,150 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total transaction of $156,885.50. Following the completion of the sale, the chief financial officer now directly owns 585 shares of the company’s stock, valued at $42,687.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Whittle sold 1,250 shares of the stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $60.00, for a total value of $75,000.00. Following the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $558,540. The disclosure for this sale can be found here. Insiders have sold 221,680 shares of company stock valued at $15,589,623 over the last ninety days. 17.70% of the stock is currently owned by company insiders.

Fortinet Company Profile

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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