Pinebridge Investments L.P. Acquires 27,144 Shares of Fortinet Inc (FTNT)

Pinebridge Investments L.P. boosted its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 42.5% during the 4th quarter, HoldingsChannel reports. The fund owned 91,007 shares of the software maker’s stock after purchasing an additional 27,144 shares during the period. Pinebridge Investments L.P.’s holdings in Fortinet were worth $3,976,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Ameriprise Financial Inc. raised its position in Fortinet by 7.0% during the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after acquiring an additional 288,097 shares in the last quarter. Bank of New York Mellon Corp raised its position in Fortinet by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock valued at $134,472,000 after acquiring an additional 296,648 shares in the last quarter. Pictet Asset Management Ltd. raised its position in Fortinet by 20.8% during the third quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock valued at $64,358,000 after acquiring an additional 309,000 shares in the last quarter. Global Thematic Partners LLC raised its position in Fortinet by 16.9% during the fourth quarter. Global Thematic Partners LLC now owns 1,379,731 shares of the software maker’s stock valued at $60,280,000 after acquiring an additional 199,227 shares in the last quarter. Finally, American Capital Management Inc. raised its position in Fortinet by 9.3% during the fourth quarter. American Capital Management Inc. now owns 1,024,395 shares of the software maker’s stock valued at $44,756,000 after acquiring an additional 86,825 shares in the last quarter. 70.68% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts recently weighed in on FTNT shares. KeyCorp reaffirmed a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research report on Tuesday, October 24th. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday. Robert W. Baird increased their price target on Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 11th. Credit Suisse Group increased their price target on Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a report on Tuesday, February 6th. Finally, Barclays downgraded Fortinet from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $45.00 to $48.00 in a report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $47.67.

In other news, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $46.71, for a total value of $186,840.00. Following the sale, the director now owns 72,937 shares in the company, valued at $3,406,887.27. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 679 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $48.69, for a total transaction of $33,060.51. Following the completion of the sale, the vice president now owns 8,684 shares in the company, valued at approximately $422,823.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 209,646 shares of company stock worth $9,390,651. 16.40% of the stock is currently owned by corporate insiders.

Shares of Fortinet Inc (NASDAQ:FTNT) opened at $48.95 on Friday. The stock has a market cap of $8,512.41, a price-to-earnings ratio of 87.41, a PEG ratio of 3.96 and a beta of 0.86. Fortinet Inc has a 52 week low of $35.44 and a 52 week high of $49.58.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. The business had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. Fortinet’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. equities research analysts forecast that Fortinet Inc will post 0.74 earnings per share for the current fiscal year.

Fortinet declared that its Board of Directors has approved a stock repurchase program on Thursday, October 26th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the software maker to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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Fortinet 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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