Pinebridge Investments L.P. lifted its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 30.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 211,429 shares of the software maker’s stock after purchasing an additional 49,891 shares during the quarter. Pinebridge Investments L.P. owned about 0.12% of Fortinet worth $16,244,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of Fortinet by 50.3% during the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after purchasing an additional 787,230 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Fortinet by 16.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock worth $32,588,000 after purchasing an additional 66,442 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Fortinet by 1,221.6% during the 1st quarter. Victory Capital Management Inc. now owns 28,137 shares of the software maker’s stock worth $2,363,000 after purchasing an additional 26,008 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Fortinet by 2.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 197,852 shares of the software maker’s stock worth $16,614,000 after purchasing an additional 4,350 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its stake in shares of Fortinet by 5.1% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 13,081 shares of the software maker’s stock worth $1,098,000 after purchasing an additional 636 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.
Several equities research analysts have issued reports on FTNT shares. JPMorgan Chase & Co. raised shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target on the stock in a research note on Monday, June 24th. Morgan Stanley increased their price objective on shares of Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays reiterated a “hold” rating and set a $99.00 price objective on shares of Fortinet in a report on Sunday, August 4th. Bank of America upgraded shares of Fortinet from a “neutral” rating to a “buy” rating in a report on Friday, August 2nd. Finally, ValuEngine lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $87.96.
NASDAQ FTNT traded down $0.05 during mid-day trading on Friday, hitting $78.32. The company’s stock had a trading volume of 36,790 shares, compared to its average volume of 1,248,080. Fortinet Inc has a 52-week low of $64.41 and a 52-week high of $96.96. The stock’s fifty day simple moving average is $81.55 and its two-hundred day simple moving average is $82.54. The firm has a market capitalization of $13.50 billion, a P/E ratio of 69.35, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The firm had revenue of $521.70 million for the quarter, compared to analyst estimates of $511.38 million. During the same quarter last year, the firm posted $0.41 earnings per share. Fortinet’s revenue for the quarter was up 18.2% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet Inc will post 1.43 earnings per share for the current year.
In other Fortinet news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the transaction, the vice president now owns 6,338,989 shares of the company’s stock, valued at $495,265,210.57. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 8,000 shares of Fortinet stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the transaction, the chief executive officer now directly owns 12,523,273 shares of the company’s stock, valued at approximately $1,018,517,793.09. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock worth $3,950,598 in the last quarter. Insiders own 17.20% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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