Wasatch Advisors Inc. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,238,853 shares of the software maker’s stock after selling 20,480 shares during the quarter. Wasatch Advisors Inc. owned 1.29% of Fortinet worth $80,240,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new stake in Fortinet in the second quarter valued at $136,000. GLG Partners LP acquired a new position in shares of Fortinet during the 2nd quarter worth $145,000. Ropes Wealth Advisors LLC raised its stake in shares of Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after buying an additional 1,855 shares during the last quarter. Greenwood Capital Associates LLC acquired a new position in shares of Fortinet during the 2nd quarter worth $209,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Fortinet during the 2nd quarter worth $211,000. 68.44% of the stock is owned by institutional investors.
In other Fortinet news, Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the sale, the director now owns 331 shares in the company, valued at approximately $13,120.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total value of $138,381.00. Following the completion of the sale, the vice president now owns 6,714,500 shares of the company’s stock, valued at approximately $259,179,700. The disclosure for this sale can be found here. Insiders sold a total of 19,606 shares of company stock valued at $775,806 in the last 90 days. 17.00% of the stock is owned by company insiders.
Several research analysts have recently issued reports on FTNT shares. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, September 1st. Piper Jaffray Companies set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a research note on Friday, August 25th. Cowen and Company reaffirmed a “buy” rating and set a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. Dougherty & Co lifted their price target on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Robert W. Baird set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Fortinet presently has an average rating of “Buy” and an average target price of $44.26.
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Fortinet, Inc. (NASDAQ FTNT) traded up $0.67 on Tuesday, reaching $41.44. The company’s stock had a trading volume of 785,059 shares, compared to its average volume of 1,717,468. The stock has a market cap of $7,010.00, a PE ratio of 73.29, a price-to-earnings-growth ratio of 4.97 and a beta of 0.91. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 EPS. equities analysts predict that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.
Fortinet announced that its Board of Directors has initiated a share buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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