Private Advisor Group LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 62.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,835 shares of the software maker’s stock after purchasing an additional 6,093 shares during the quarter. Private Advisor Group LLC’s holdings in Fortinet were worth $610,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new stake in Fortinet during the second quarter worth approximately $136,000. NEXT Financial Group Inc raised its holdings in Fortinet by 17,296.0% during the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after purchasing an additional 4,324 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Fortinet by 31.9% during the first quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock worth $174,000 after purchasing an additional 1,100 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Fortinet during the first quarter worth approximately $181,000. Finally, Greenwood Capital Associates LLC acquired a new stake in Fortinet during the second quarter worth approximately $209,000. 68.99% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on FTNT. Cowen and Company restated a “buy” rating and set a $43.00 target price on shares of Fortinet in a research report on Friday, July 28th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research report on Thursday, June 22nd. Dougherty & Co raised their target price on shares of Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. ValuEngine lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, Evercore ISI set a $38.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet has an average rating of “Buy” and a consensus target price of $41.30.
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In other news, CAO Keith Jensen sold 950 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the sale, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at $48,221.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 2,091 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total value of $75,840.57. Following the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at $260,454.87. The disclosure for this sale can be found here. Insiders have sold 9,558 shares of company stock valued at $348,406 in the last ninety days. Company insiders own 16.40% of the company’s stock.
Fortinet, Inc. (NASDAQ FTNT) opened at 38.32 on Friday. The stock’s 50 day moving average price is $37.31 and its 200 day moving average price is $38.20. The firm has a market cap of $6.74 billion, a P/E ratio of 104.99 and a beta of 0.99. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter last year, the business posted $0.14 earnings per share. The company’s quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts predict that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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.
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