Contour Asset Management Lowers stake in Fortinet Inc (FTNT)

Fortinet Inc (FTNT) : Contour Asset Management reduced its stake in Fortinet Inc by 13.25% during the most recent quarter end. The investment management company now holds a total of 1,281,094 shares of Fortinet Inc which is valued at $41,802,097 after selling 195,699 shares in Fortinet Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Fortinet Inc makes up approximately 3.39% of Contour Asset Management’s portfolio.

Other Hedge Funds, Including , Jane Street Group added FTNT to its portfolio by purchasing 7,560 company shares during the most recent quarter which is valued at $246,683.Df Dent Co Inc boosted its stake in FTNT in the latest quarter, The investment management firm added 815 additional shares and now holds a total of 29,945 shares of Fortinet Inc which is valued at $977,105. Fortinet Inc makes up approx 0.03% of Df Dent Co Inc’s portfolio.Credit Agricole S A reduced its stake in FTNT by selling 10,168 shares or 23.58% in the most recent quarter. The Hedge Fund company now holds 32,951 shares of FTNT which is valued at $1,075,191. Stanley-laman Group Ltd. added FTNT to its portfolio by purchasing 26,709 company shares during the most recent quarter which is valued at $893,683. Fortinet Inc makes up approx 0.34% of Stanley-laman Group Ltd.’s portfolio. First New York Securities Ny sold out all of its stake in FTNT during the most recent quarter. The investment firm sold 500 shares of FTNT which is valued $18,325.

Fortinet Inc opened for trading at $36.11 and hit $36.97 on the upside on Thursday, eventually ending the session at $36.64, with a gain of 1.38% or 0.5 points. The heightened volatility saw the trading volume jump to 17,83,844 shares. Company has a market cap of $6,327 M.

On the company’s financial health, Fortinet Inc reported $0.14 EPS for the quarter, based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus estimate of $0.14. The company had revenue of $311.40 million for the quarter, compared to analysts expectations of $304.53 million. The company’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS.

Many Wall Street Analysts have commented on Fortinet Inc. Fortinet Inc was Upgraded by Pacific Crest to ” Overweight” on Aug 30, 2016.

Fortinet Inc. provides cyber security solutions to enterprise service providers and government organizations across the world. The Company’s network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data applications and users from network-and content-level security threats. The Company’s’ FortiGate appliances may be deployed as Next Generation Firewalls (NGFW) Data Center Firewalls (DCFW) Unified Threat Management (UTM) systems Internal Network Firewall (INFW) Virtual Machine Firewalls or Cloud Firewalls. The FortiGate appliances range from the FortiGate-20 series for small businesses and branch offices to the FortiGate-5000 series for enterprises and service providers and are based on its technology platform. Its security services are based on intelligence gathered by its FortiGuard Labs team.

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