IFM Investors Pty Ltd boosted its holdings in Fortinet Inc (NASDAQ:FTNT) by 70.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,015 shares of the software maker’s stock after acquiring an additional 7,018 shares during the quarter. IFM Investors Pty Ltd’s holdings in Fortinet were worth $1,306,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Amundi Pioneer Asset Management Inc. increased its stake in Fortinet by 5.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock valued at $4,429,000 after acquiring an additional 2,678 shares during the period. Woodstock Corp increased its stake in Fortinet by 0.3% in the second quarter. Woodstock Corp now owns 82,911 shares of the software maker’s stock valued at $6,370,000 after acquiring an additional 280 shares during the period. New England Research & Management Inc. bought a new stake in Fortinet in the second quarter valued at about $761,000. Valeo Financial Advisors LLC grew its stake in Fortinet by 2,117.4% during the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after buying an additional 487 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in Fortinet by 102.3% during the second quarter. Nisa Investment Advisors LLC now owns 19,797 shares of the software maker’s stock worth $1,521,000 after buying an additional 10,013 shares during the last quarter. 70.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of FTNT stock traded up $2.06 during trading hours on Friday, reaching $96.23. 1,814,100 shares of the company were exchanged, compared to its average volume of 1,638,387. The stock’s fifty day moving average is $80.56 and its two-hundred day moving average is $80.90. The company has a market cap of $15.67 billion, a price-to-earnings ratio of 85.16, a P/E/G ratio of 4.17 and a beta of 1.08. Fortinet Inc has a fifty-two week low of $64.41 and a fifty-two week high of $96.96.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.11. The company had revenue of $547.50 million for the quarter, compared to analyst estimates of $533.55 million. Fortinet had a net margin of 19.23% and a return on equity of 25.46%. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. As a group, sell-side analysts predict that Fortinet Inc will post 1.57 EPS for the current year.
In other news, CEO Ken Xie sold 8,000 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the sale, the chief executive officer now owns 12,523,273 shares of the company’s stock, valued at $1,018,517,793.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total transaction of $80,720.00. Following the sale, the director now directly owns 75,213 shares of the company’s stock, valued at approximately $6,071,193.36. The disclosure for this sale can be found here. Insiders have sold 49,000 shares of company stock valued at $3,856,560 in the last three months. 17.20% of the stock is owned by insiders.
Several analysts have weighed in on FTNT shares. BMO Capital Markets upped their price objective on shares of Fortinet from $100.00 to $104.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Robert W. Baird set a $100.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a research note on Sunday, September 15th. FBN Securities set a $115.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a research note on Friday, November 1st. Barclays set a $105.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a research note on Friday, November 1st. Finally, Morgan Stanley set a $82.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $93.71.
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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