Fortinet Inc. (FTNT) Stake Increased by Candriam Luxembourg S.C.A.
Candriam Luxembourg S.C.A. raised its stake in Fortinet Inc. (NASDAQ:FTNT) by 28.0% during the second quarter, Holdings Channel reports. The institutional investor owned 25,600 shares of the company’s stock after buying an additional 5,600 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Fortinet were worth $809,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Telemus Capital LLC increased its position in shares of Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock valued at $234,000 after buying an additional 137 shares during the period. IBM Retirement Fund increased its position in shares of Fortinet by 2.5% in the second quarter. IBM Retirement Fund now owns 14,631 shares of the company’s stock valued at $462,000 after buying an additional 358 shares during the period. Nordea Investment Management AB increased its position in shares of Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock valued at $122,000 after buying an additional 365 shares during the period. Hartford Investment Management Co. increased its position in shares of Fortinet by 9.7% in the second quarter. Hartford Investment Management Co. now owns 8,064 shares of the company’s stock valued at $255,000 after buying an additional 715 shares during the period. Finally, Capstone Asset Management Co. increased its position in shares of Fortinet by 14.4% in the second quarter. Capstone Asset Management Co. now owns 17,472 shares of the company’s stock valued at $552,000 after buying an additional 2,200 shares during the period. Institutional investors own 70.65% of the company’s stock.
Fortinet Inc. (NASDAQ:FTNT) traded down 1.96% during trading on Friday, hitting $34.99. 1,833,403 shares of the stock traded hands. The stock has a market cap of $6.04 billion, a P/E ratio of 945.68 and a beta of 1.62. The firm’s 50-day moving average is $36.00 and its 200 day moving average is $33.52. Fortinet Inc. has a 52 week low of $23.16 and a 52 week high of $44.63.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14. The company earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The business’s revenue was up 29.9% on a year-over-year basis. During the same period last year, the business earned $0.11 earnings per share. Equities research analysts forecast that Fortinet Inc. will post $0.70 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on FTNT shares. Wunderlich started coverage on shares of Fortinet in a research note on Tuesday, September 13th. They issued a “buy” rating and a $45.00 target price for the company. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a research note on Sunday, September 25th. Pacific Crest restated a “hold” rating on shares of Fortinet in a research note on Friday, July 29th. Citigroup Inc. decreased their target price on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $45.00 price objective (down from $50.00) on shares of Fortinet in a research note on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Fortinet has a consensus rating of “Buy” and a consensus target price of $39.50.
In other Fortinet news, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matto Andrew H. Del sold 5,500 shares of Fortinet stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $34.07, for a total value of $187,385.00. Following the completion of the transaction, the chief financial officer now directly owns 22,099 shares of the company’s stock, valued at $752,912.93. The disclosure for this sale can be found here. Company insiders own 16.40% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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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