Whittier Trust Co. of Nevada Inc. Continues to Hold Stake in Fortinet, Inc. (NASDAQ:FTNT)
Whittier Trust Co. of Nevada Inc. held its position in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,362 shares of the software maker’s stock at the end of the second quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Fortinet were worth $463,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. US Bancorp DE raised its stake in Fortinet by 8.4% in the second quarter. US Bancorp DE now owns 15,793 shares of the software maker’s stock worth $591,000 after buying an additional 1,219 shares during the last quarter. State Treasurer State of Michigan raised its stake in Fortinet by 1.8% in the second quarter. State Treasurer State of Michigan now owns 61,600 shares of the software maker’s stock worth $2,306,000 after buying an additional 1,100 shares during the last quarter. Aperio Group LLC raised its stake in Fortinet by 2.6% in the second quarter. Aperio Group LLC now owns 28,640 shares of the software maker’s stock worth $1,072,000 after buying an additional 733 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in Fortinet by 3.7% in the second quarter. Louisiana State Employees Retirement System now owns 39,000 shares of the software maker’s stock worth $1,460,000 after buying an additional 1,400 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in Fortinet by 13.6% in the second quarter. LS Investment Advisors LLC now owns 15,239 shares of the software maker’s stock worth $571,000 after buying an additional 1,824 shares during the last quarter. 72.77% of the stock is owned by institutional investors.
Fortinet, Inc. (FTNT) traded down 0.84% during midday trading on Friday, hitting $40.37. The company had a trading volume of 640,717 shares. The firm has a market capitalization of $7.10 billion, a P/E ratio of 175.52 and a beta of 1.02. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56. The company has a 50 day moving average price of $38.59 and a 200 day moving average price of $37.28.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, April 27th. The software maker reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. The firm had revenue of $340.60 million for the quarter, compared to analyst estimates of $334.44 million. Fortinet had a net margin of 3.06% and a return on equity of 7.34%. Fortinet’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period last year, the company posted $0.12 EPS. Equities research analysts forecast that Fortinet, Inc. will post $0.91 earnings per share for the current fiscal year.
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A number of research firms have commented on FTNT. Robert W. Baird reissued a “buy” rating on shares of Fortinet in a report on Friday, April 28th. Royal Bank Of Canada lifted their target price on Fortinet from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, April 28th. UBS AG lifted their target price on Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, April 28th. BidaskClub raised Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Vetr raised Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a report on Monday, April 24th. Nine equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $41.52.
In other Fortinet news, VP John Whittle sold 5,583 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $40.00, for a total value of $223,320.00. Following the transaction, the vice president now directly owns 4,681 shares of the company’s stock, valued at approximately $187,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher B. Paisley sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $39.04, for a total transaction of $234,240.00. Following the completion of the transaction, the director now directly owns 67,949 shares in the company, valued at $2,652,728.96. The disclosure for this sale can be found here. Insiders sold a total of 29,857 shares of company stock worth $1,178,454 over the last ninety days. 16.40% of the stock is currently owned by corporate insiders.
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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