Wells Fargo & Company MN boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,474,970 shares of the software maker’s stock after acquiring an additional 207,102 shares during the period. Wells Fargo & Company MN owned 0.84% of Fortinet worth $55,223,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in FTNT. BlackRock Inc. lifted its position in Fortinet by 7,159.6% during the 1st quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after acquiring an additional 12,996,236 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in Fortinet during the 1st quarter worth $77,398,000. Marshall Wace North America L.P. acquired a new position in Fortinet during the 1st quarter worth $77,398,000. Clearbridge Investments LLC lifted its position in Fortinet by 27.7% during the 1st quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after acquiring an additional 1,831,096 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Fortinet by 45.0% during the 1st quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after acquiring an additional 1,177,300 shares during the last quarter. 69.02% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at 38.66 on Friday. The firm’s 50-day moving average is $37.23 and its 200 day moving average is $38.16. The company has a market capitalization of $6.80 billion, a PE ratio of 105.92 and a beta of 0.99. Fortinet, Inc. has a 52 week low of $28.51 and a 52 week high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 EPS. On average, analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the transaction, the director now directly owns 66,611 shares in the company, valued at approximately $2,423,974.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Whittle sold 2,091 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at $260,454.87. The disclosure for this sale can be found here. Insiders sold a total of 9,558 shares of company stock valued at $348,406 over the last 90 days. Corporate insiders own 16.40% of the company’s stock.
FTNT has been the subject of a number of research analyst reports. ValuEngine lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Cowen and Company reissued a “buy” rating and set a $43.00 target price on shares of Fortinet in a research report on Friday, September 8th. Susquehanna Bancshares Inc initiated coverage on shares of Fortinet in a research report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 target price for the company. Northland Securities initiated coverage on shares of Fortinet in a research report on Thursday, June 29th. They set an “outperform” rating and a $45.00 target price for the company. Finally, BidaskClub raised shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Fortinet currently has an average rating of “Buy” and an average target price of $41.30.
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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