Dimensional Fund Advisors LP boosted its stake in Fortinet Inc (NASDAQ:FTNT) by 3.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 316,640 shares of the software maker’s stock after purchasing an additional 9,888 shares during the period. Dimensional Fund Advisors LP owned approximately 0.19% of Fortinet worth $19,768,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of FTNT. PNC Financial Services Group Inc. increased its stake in Fortinet by 67.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 23,647 shares of the software maker’s stock worth $1,266,000 after purchasing an additional 9,516 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Fortinet during the 1st quarter valued at about $360,000. Asset Management One Co. Ltd. grew its stake in Fortinet by 8.0% during the 1st quarter. Asset Management One Co. Ltd. now owns 236,025 shares of the software maker’s stock valued at $12,646,000 after acquiring an additional 17,499 shares in the last quarter. Commonwealth Equity Services LLC purchased a new position in Fortinet during the 1st quarter valued at about $259,000. Finally, Northwestern Mutual Investment Management Company LLC grew its stake in Fortinet by 51.0% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 29,568 shares of the software maker’s stock valued at $1,584,000 after acquiring an additional 9,982 shares in the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have weighed in on FTNT shares. Cowen cut Fortinet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 19th. They noted that the move was a valuation call. Cleveland Research started coverage on Fortinet in a research note on Friday, June 29th. They set a “neutral” rating on the stock. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Monness Crespi & Hardt lifted their target price on Fortinet from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Finally, BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $71.29.
Shares of Fortinet stock opened at $79.95 on Friday. The stock has a market cap of $15.61 billion, a PE ratio of 152.85, a PEG ratio of 5.71 and a beta of 0.63. Fortinet Inc has a 52-week low of $37.15 and a 52-week high of $94.37.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.22. The business had revenue of $441.30 million during the quarter, compared to analyst estimates of $425.66 million. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The firm’s revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS. Sell-side analysts anticipate that Fortinet Inc will post 0.96 earnings per share for the current year.
In other news, CFO Keith Jensen sold 2,150 shares of Fortinet stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total transaction of $156,885.50. Following the completion of the sale, the chief financial officer now directly owns 585 shares in the company, valued at approximately $42,687.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction dated 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 owns 9,309 shares of the company’s stock, valued at $579,299.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 180,570 shares of company stock valued at $13,358,587. 17.70% of the stock is owned by corporate insiders.
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.
Further Reading: How to Use the New Google Finance Tool
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.