Schroder Investment Management Group increased its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 55.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 417,468 shares of the software maker’s stock after buying an additional 149,189 shares during the quarter. Schroder Investment Management Group owned about 0.25% of Fortinet worth $26,070,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Smithfield Trust Co. grew its stake in Fortinet by 4,071.4% during the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after buying an additional 2,850 shares during the last quarter. TD Asset Management Inc. bought a new position in Fortinet during the 2nd quarter worth $208,000. Tocqueville Asset Management L.P. bought a new position in shares of Fortinet in the second quarter worth $221,000. Keybank National Association OH bought a new position in shares of Fortinet in the second quarter worth $222,000. Finally, SeaCrest Wealth Management LLC grew its stake in shares of Fortinet by 44.4% in the second quarter. SeaCrest Wealth Management LLC now owns 3,740 shares of the software maker’s stock worth $233,000 after purchasing an additional 1,150 shares in the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.
In related news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $62.23, for a total transaction of $77,787.50. Following the completion of the transaction, the vice president now owns 9,309 shares of the company’s stock, valued at $579,299.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 2,150 shares of the firm’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total value of $156,885.50. Following the transaction, the chief financial officer now directly owns 585 shares of the company’s stock, valued at approximately $42,687.45. The disclosure for this sale can be found here. Insiders have sold 180,570 shares of company stock valued at $13,358,587 in the last ninety days. Company insiders own 17.70% of the company’s stock.
Several research analysts have recently issued reports on FTNT shares. Cleveland Research raised Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research note on Wednesday, July 4th. Bank of America increased their price target on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus increased their price target on Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Finally, BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $71.29.
Shares of FTNT stock opened at $79.95 on Friday. Fortinet Inc has a fifty-two week low of $37.15 and a fifty-two week high of $94.37. The stock has a market cap of $15.61 billion, a P/E ratio of 153.75, a PEG ratio of 5.71 and a beta of 0.63.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The business had revenue of $441.30 million during the quarter, compared to analysts’ expectations of $425.66 million. During the same quarter last year, the business posted $0.27 earnings per share. The company’s quarterly revenue was up 21.4% on a year-over-year basis. On average, equities analysts forecast that Fortinet Inc will post 0.96 EPS 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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