Andra AP fonden boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 36.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,200 shares of the software maker’s stock after acquiring an additional 9,600 shares during the period. Andra AP fonden’s holdings in Fortinet were worth $1,297,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First Mercantile Trust Co. acquired a new position in Fortinet during the second quarter worth $136,000. GLG Partners LP acquired a new position in Fortinet during the second quarter worth $145,000. Ropes Wealth Advisors LLC lifted its stake in Fortinet by 67.3% during the second 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 in the last quarter. Greenwood Capital Associates LLC acquired a new position in Fortinet during the second quarter worth $209,000. Finally, Cigna Investments Inc. New acquired a new position in Fortinet during the second quarter worth $211,000. Hedge funds and other institutional investors own 69.41% of the company’s stock.
FTNT has been the topic of a number of research reports. BMO Capital Markets restated a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, September 1st. Piper Jaffray Companies set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a research note on Friday, August 25th. Cowen and Company restated a “buy” rating and set a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. Dougherty & Co increased their price objective on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, Robert W. Baird set a $50.00 price objective on Fortinet and gave the company a “buy” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.00.
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Fortinet, Inc. (NASDAQ FTNT) opened at $40.35 on Tuesday. The stock has a market capitalization of $6,945.57, a PE ratio of 72.62, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91. Fortinet, Inc. has a twelve month low of $28.50 and a twelve month high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. analysts predict that Fortinet, Inc. will post 0.48 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other news, VP Michael Xie sold 3,585 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the sale, the vice president now owns 6,714,500 shares in the company, valued at $259,179,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Keith Jensen sold 1,850 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00. Following the sale, the insider now owns 1,374 shares of the company’s stock, valued at approximately $53,860.80. The disclosure for this sale can be found here. Insiders have sold 19,317 shares of company stock valued at $762,360 in the last quarter. Insiders own 17.00% of the company’s stock.
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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