Orion Portfolio Solutions LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,309 shares of the software maker’s stock, valued at approximately $674,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. MUFG Americas Holdings Corp acquired a new stake in Fortinet in the third quarter valued at about $25,000. Strategic Asset Management LLC acquired a new stake in Fortinet in the third quarter valued at about $31,000. Glassman Wealth Services lifted its position in Fortinet by 127.7% in the third quarter. Glassman Wealth Services now owns 107 shares of the software maker’s stock valued at $31,000 after purchasing an additional 60 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in Fortinet in the second quarter valued at about $33,000. Finally, Pacitti Group Inc. lifted its position in Fortinet by 280.0% in the second quarter. Pacitti Group Inc. now owns 190 shares of the software maker’s stock valued at $45,000 after purchasing an additional 140 shares during the period. 67.27% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Keith Jensen sold 1,550 shares of the business’s stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $339.84, for a total transaction of $526,752.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Whittle sold 2,412 shares of the business’s stock in a transaction dated Tuesday, December 21st. The shares were sold at an average price of $332.31, for a total transaction of $801,531.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,863 shares of company stock valued at $6,257,004. Insiders own 18.60% of the company’s stock.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.05. Fortinet had a net margin of 17.74% and a return on equity of 47.46%. The business had revenue of $867.20 million for the quarter, compared to analyst estimates of $812.21 million. During the same quarter in the prior year, the business posted $0.58 EPS. The company’s revenue for the quarter was up 33.2% on a year-over-year basis. On average, equities analysts predict that Fortinet, Inc. will post 2.85 earnings per share for the current year.
A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Fortinet from $335.00 to $380.00 and gave the company a “buy” rating in a research report on Friday, November 5th. Mizuho lifted their price target on shares of Fortinet from $310.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, November 5th. Wells Fargo & Company reiterated a “buy” rating and set a $434.00 price target on shares of Fortinet in a research report on Friday, November 5th. Royal Bank of Canada raised their price objective on shares of Fortinet from $248.00 to $347.00 and gave the stock a “sector perform” rating in a research note on Friday, November 5th. Finally, Cowen raised their price objective on shares of Fortinet from $385.00 to $425.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $325.05.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.
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