Amalgamated Bank raised its position in Fortinet Inc (NASDAQ:FTNT) by 4.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,653 shares of the software maker’s stock after purchasing an additional 1,287 shares during the quarter. Amalgamated Bank’s holdings in Fortinet were worth $1,339,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. SeaCrest Wealth Management LLC acquired a new position in Fortinet in the 4th quarter valued at about $109,000. Cerebellum GP LLC acquired a new position in Fortinet in the 4th quarter valued at about $125,000. First Mercantile Trust Co. acquired a new position in Fortinet in the 4th quarter valued at about $135,000. First Republic Investment Management Inc. acquired a new position in Fortinet in the 4th quarter valued at about $208,000. Finally, Ropes Wealth Advisors LLC boosted its holdings in Fortinet by 28.7% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after purchasing an additional 1,325 shares during the last quarter. Institutional investors own 68.52% of the company’s stock.
Shares of Fortinet Inc (NASDAQ FTNT) opened at $54.44 on Monday. Fortinet Inc has a 52 week low of $35.44 and a 52 week high of $54.68. The firm has a market cap of $9,150.00, a P/E ratio of 320.24, a P/E/G ratio of 4.37 and a beta of 0.73.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The firm had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. During the same period in the prior year, the firm earned $0.30 EPS. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. analysts predict that Fortinet Inc will post 0.74 EPS for the current year.
In related news, CEO Ken Xie sold 89,423 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $45.08, for a total transaction of $4,031,188.84. Following the sale, the chief executive officer now directly owns 12,608,811 shares of the company’s stock, valued at approximately $568,405,199.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Whittle sold 13,749 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $45.00, for a total transaction of $618,705.00. Following the sale, the vice president now directly owns 18,430 shares in the company, valued at $829,350. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 169,315 shares of company stock worth $7,699,275. 16.40% of the stock is owned by insiders.
Several research firms have weighed in on FTNT. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Friday. Credit Suisse Group boosted their target price on shares of Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a report on Tuesday, February 6th. Oppenheimer boosted their target price on shares of Fortinet from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. BMO Capital Markets boosted their target price on shares of Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, February 6th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $57.00 target price on shares of Fortinet in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $48.79.
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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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