Frontier Capital Management Co. LLC increased its holdings in Fortinet Inc (NASDAQ:FTNT) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,010,210 shares of the software maker’s stock after buying an additional 24,194 shares during the quarter. Frontier Capital Management Co. LLC owned about 0.58% of Fortinet worth $44,136,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. GLG Partners LP bought a new position in Fortinet in the 2nd quarter worth approximately $145,000. Ropes Wealth Advisors LLC grew its holdings in Fortinet by 67.3% in 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 in the last quarter. IFM Investors Pty Ltd bought a new position in Fortinet in the 3rd quarter worth approximately $220,000. Toronto Dominion Bank grew its holdings in Fortinet by 249.2% in the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock worth $226,000 after buying an additional 4,503 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in Fortinet by 25.9% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,871 shares of the software maker’s stock worth $259,000 after buying an additional 1,412 shares in the last quarter. 70.68% of the stock is owned by institutional investors and hedge funds.
Shares of Fortinet Inc (NASDAQ:FTNT) opened at $46.01 on Friday. Fortinet Inc has a 52-week low of $31.86 and a 52-week high of $46.43. The company has a market capitalization of $7,948.98, a price-to-earnings ratio of 95.85, a PEG ratio of 4.67 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. During the same quarter in the prior year, the firm earned $0.18 EPS. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. research analysts expect that Fortinet Inc will post 0.48 earnings per share for the current year.
Fortinet announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the software maker to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other Fortinet news, VP John Whittle sold 3,883 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $40.00, for a total transaction of $155,320.00. Following the sale, the vice president now directly owns 4,681 shares of the company’s stock, valued at approximately $187,240. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,585 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the sale, the vice president now directly owns 6,714,500 shares in the company, valued at $259,179,700. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,355 shares of company stock worth $3,072,511. Company insiders own 16.40% of the company’s stock.
A number of equities analysts recently issued reports on the company. Monness Crespi & Hardt reissued a “buy” rating and issued a $50.00 price objective (up from $45.00) on shares of Fortinet in a report on Friday. Barclays lowered Fortinet from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $45.00 to $48.00 in a report on Tuesday, January 9th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research report on Tuesday, September 26th. Robert W. Baird upped their target price on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 11th. Finally, Oppenheimer upped their target price on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $45.48.
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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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