AMP Capital Investors Ltd boosted its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 40.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 137,347 shares of the software maker’s stock after acquiring an additional 39,498 shares during the period. AMP Capital Investors Ltd owned 0.08% of Fortinet worth $8,575,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. Three Peaks Capital Management LLC acquired a new stake in Fortinet during the 1st quarter worth $114,000. Synovus Financial Corp bought a new position in shares of Fortinet during the first quarter worth $161,000. Smithfield Trust Co. boosted its position in shares of Fortinet by 4,071.4% during the second quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after purchasing an additional 2,850 shares in the last quarter. TD Asset Management Inc. bought a new position in shares of Fortinet during the second quarter worth $208,000. Finally, Keybank National Association OH bought a new position in shares of Fortinet during the second quarter worth $222,000. 71.21% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Cowen cut shares of Fortinet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 19th. They noted that the move was a valuation call. Oppenheimer lifted their price target on shares of Fortinet from $70.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, August 2nd. Credit Suisse Group lifted their price target on shares of Fortinet from $43.00 to $52.00 and gave the stock an “underperform” rating in a research report on Thursday, August 2nd. Finally, Monness Crespi & Hardt lifted their price target on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $67.30.
In related news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $62.23, for a total value of $77,787.50. Following the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at approximately $579,299.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 165,780 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $73.43, for a total transaction of $12,173,225.40. Following the completion of the sale, the vice president now directly owns 6,694,500 shares in the company, valued at $491,577,135. The disclosure for this sale can be found here. Insiders sold a total of 180,570 shares of company stock worth $13,329,000 over the last ninety days. 17.70% of the stock is currently owned by insiders.
FTNT opened at $89.93 on Friday. The firm has a market capitalization of $14.75 billion, a P/E ratio of 172.94, a P/E/G ratio of 5.40 and a beta of 0.63. Fortinet Inc has a 12 month low of $35.44 and a 12 month high of $90.50.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, beating the consensus estimate of $0.19 by $0.22. The business had revenue of $441.30 million for the quarter, compared to analysts’ expectations of $425.66 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 EPS. equities analysts predict that Fortinet Inc will post 0.96 earnings per share for the current fiscal year.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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