Fortinet Inc (FTNT) Position Increased by Riverhead Capital Management LLC

Riverhead Capital Management LLC lifted its stake in Fortinet Inc (NASDAQ:FTNT) by 201.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,156 shares of the software maker’s stock after purchasing an additional 23,500 shares during the period. Riverhead Capital Management LLC’s holdings in Fortinet were worth $3,244,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Natixis raised its position in Fortinet by 410.0% during the second quarter. Natixis now owns 246,585 shares of the software maker’s stock worth $15,394,000 after acquiring an additional 198,238 shares during the last quarter. DE Burlo Group Inc. raised its position in Fortinet by 339.1% during the second quarter. DE Burlo Group Inc. now owns 140,500 shares of the software maker’s stock worth $8,771,000 after acquiring an additional 108,500 shares during the last quarter. ClariVest Asset Management LLC acquired a new position in Fortinet during the second quarter worth about $3,777,000. Point72 Asset Management L.P. acquired a new position in Fortinet during the second quarter worth about $2,759,000. Finally, First Republic Investment Management Inc. acquired a new position in Fortinet during the second quarter worth about $358,000. Hedge funds and other institutional investors own 70.34% of the company’s stock.

In related news, Director Christopher B. Paisley sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $65.77, for a total value of $65,770.00. Following the completion of the sale, the director now directly owns 74,621 shares in the company, valued at $4,907,823.17. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 1,875 shares of the business’s stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $68.39, for a total transaction of $128,231.25. Following the completion of the sale, the chief financial officer now owns 1,245 shares of the company’s stock, valued at $85,145.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,590 shares of company stock valued at $6,986,929. 17.70% of the stock is owned by insiders.

A number of equities analysts have issued reports on the stock. BidaskClub upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Investment Research restated a “buy” rating and set a $84.00 target price on shares of Fortinet in a research report on Tuesday, November 13th. Robert W. Baird restated a “neutral” rating on shares of Fortinet in a research report on Thursday, October 18th. Monness Crespi & Hardt lifted their target price on shares of Fortinet from $76.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, November 2nd. Finally, ValuEngine cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have given a buy rating to the stock. Fortinet has a consensus rating of “Hold” and an average target price of $78.77.

Shares of NASDAQ FTNT opened at $71.61 on Friday. The stock has a market cap of $12.85 billion, a PE ratio of 137.71, a PEG ratio of 4.40 and a beta of 0.86. Fortinet Inc has a 12 month low of $41.46 and a 12 month high of $94.37.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $453.90 million during the quarter, compared to the consensus estimate of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 earnings per share. As a group, research analysts predict that Fortinet Inc will post 1.02 EPS for the current year.

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About Fortinet

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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