ARP Americas LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, Holdings Channel reports. The firm acquired 7,688 shares of the software maker’s stock, valued at approximately $288,000.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after buying an additional 563,667 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares during the last quarter. State Street Corp raised its stake in shares of Fortinet by 2.7% in the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after buying an additional 118,681 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock worth $165,282,000 after buying an additional 252,158 shares during the last quarter. Institutional investors and hedge funds own 72.98% of the company’s stock.

Shares of Fortinet, Inc. (FTNT) opened at 36.83 on Tuesday. The company’s 50 day moving average is $38.63 and its 200 day moving average is $37.78. The company has a market cap of $6.47 billion, a P/E ratio of 100.90 and a beta of 1.02. Fortinet, Inc. has a one year low of $28.50 and a one year high of $41.56.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. During the same quarter last year, the company posted $0.14 earnings per share. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post $0.95 earnings per share for the current year.

Fortinet announced that its board has initiated a share repurchase program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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FTNT has been the topic of a number of research analyst reports. ValuEngine lowered shares of Fortinet from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Susquehanna Bancshares Inc initiated coverage on shares of Fortinet in a report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price objective on the stock. BMO Capital Markets upgraded shares of Fortinet from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $46.00 in a report on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co raised their price objective on shares of Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, April 21st. Finally, Northland Securities initiated coverage on shares of Fortinet in a report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.56.

In related news, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares in the company, valued at $2,423,974.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ming Hsieh sold 4,743 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The disclosure for this sale can be found here. Insiders have sold 13,308 shares of company stock valued at $506,096 in the last 90 days. 17.00% 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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