Virtu KCG Holdings LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 154.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,142 shares of the software maker’s stock after purchasing an additional 10,392 shares during the quarter. Virtu KCG Holdings LLC’s holdings in Fortinet were worth $642,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in FTNT. First Mercantile Trust Co. acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $136,000. NEXT Financial Group Inc raised its position in shares of Fortinet by 17,296.0% during the 2nd 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 during the period. Ropes Wealth Advisors LLC raised its position in shares of Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after purchasing an additional 1,855 shares during the period. Greenwood Capital Associates LLC acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $209,000. Finally, Cigna Investments Inc. New acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $211,000. Institutional investors and hedge funds own 68.99% of the company’s stock.
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In other news, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the transaction, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the transaction, the director now directly owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold a total of 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.
FTNT has been the topic of a number of research reports. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Credit Suisse Group initiated coverage on Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price target on the stock. Monness Crespi & Hardt initiated coverage on Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $42.00 price target on shares of Fortinet in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Fortinet currently has an average rating of “Buy” and a consensus price target of $41.26.
Shares of Fortinet, Inc. (NASDAQ FTNT) opened at 39.03 on Friday. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of 106.93 and a beta of 1.01. The stock’s 50 day moving average price is $37.59 and its 200 day moving average price is $38.24. Fortinet, Inc. has a 1-year low of $28.51 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. During the same quarter in the previous year, the business earned $0.14 EPS. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has authorized a share buyback program on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are 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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