Wellington Management Group LLP Has $550,000 Position in Fortinet, Inc. (FTNT)
Wellington Management Group LLP increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 90.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,333 shares of the software maker’s stock after buying an additional 6,805 shares during the period. Wellington Management Group LLP’s holdings in Fortinet were worth $550,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in FTNT. Ropes Wealth Advisors LLC increased its position in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock valued at $116,000 after buying an additional 540 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Fortinet during the fourth quarter valued at $121,000. Thompson Davis & CO. Inc. increased its position in Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock valued at $126,000 after buying an additional 2,750 shares in the last quarter. Finally, Flinton Capital Management LLC increased its position in Fortinet by 9.3% in the first quarter. Flinton Capital Management LLC now owns 4,512 shares of the software maker’s stock valued at $173,000 after buying an additional 384 shares in the last quarter. 72.84% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet, Inc. (FTNT) opened at 40.71 on Wednesday. Fortinet, Inc. has a 52-week low of $28.50 and a 52-week high of $41.56. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of 177.00 and a beta of 1.02. The stock has a 50 day moving average price of $38.66 and a 200 day moving average price of $37.48.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, April 27th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. The firm had revenue of $340.60 million during the quarter, compared to analyst estimates of $334.44 million. Fortinet had a return on equity of 7.34% and a net margin of 3.06%. Fortinet’s revenue was up 19.7% compared to the same quarter last year. During the same period last year, the business posted $0.12 earnings per share. On average, equities analysts expect that Fortinet, Inc. will post $0.91 earnings per share for the current year.
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Several research firms have recently weighed in on FTNT. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Wednesday, May 3rd. Royal Bank Of Canada boosted their target price on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Robert W. Baird reissued a “buy” rating on shares of Fortinet in a research report on Friday, April 28th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research report on Monday, April 17th. Finally, Stifel Nicolaus boosted their target price on Fortinet from $36.00 to $42.00 and gave the company a “hold” rating in a research report on Monday, April 17th. Nine research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $41.52.
In related news, Director Ming Hsieh sold 4,743 shares of Fortinet stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $39.29, for a total value of $186,352.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the completion of the transaction, the insider now owns 978 shares of the company’s stock, valued at $39,833.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,857 shares of company stock valued at $1,178,454. 17.00% of the stock is currently owned by company 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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