Telemus Capital LLC Has $246,000 Stake in Fortinet, Inc. (FTNT)
Telemus Capital LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 6,574 shares of the software maker’s stock after selling 321 shares during the period. Telemus Capital LLC’s holdings in Fortinet were worth $246,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Sei Investments Co. boosted its position in shares of Fortinet by 18.9% in the second quarter. Sei Investments Co. now owns 82,506 shares of the software maker’s stock valued at $3,089,000 after buying an additional 13,125 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Fortinet by 1.1% in the second quarter. Texas Permanent School Fund now owns 109,075 shares of the software maker’s stock valued at $4,084,000 after buying an additional 1,182 shares in the last quarter. World Asset Management Inc boosted its position in shares of Fortinet by 3.2% in the second quarter. World Asset Management Inc now owns 10,787 shares of the software maker’s stock valued at $404,000 after buying an additional 336 shares in the last quarter. Emerald Advisers Inc. PA boosted its position in shares of Fortinet by 59.5% in the second quarter. Emerald Advisers Inc. PA now owns 62,476 shares of the software maker’s stock valued at $2,339,000 after buying an additional 23,312 shares in the last quarter. Finally, Exchange Capital Management Inc. boosted its position in shares of Fortinet by 270.5% in the second quarter. Exchange Capital Management Inc. now owns 22,003 shares of the software maker’s stock valued at $824,000 after buying an additional 16,064 shares in 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 stock has a 50 day moving average of $38.63 and a 200-day moving average of $37.78. The company has a market capitalization of $6.47 billion, a P/E ratio of 100.90 and a beta of 1.02. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.14 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its board has authorized a stock buyback program on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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Several brokerages have recently weighed in on FTNT. BidaskClub cut shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Royal Bank Of Canada reiterated a “hold” rating and set a $42.00 price target on shares of Fortinet in a research note on Friday, July 28th. Cowen and Company reiterated a “buy” rating and set a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. ValuEngine cut shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, Dougherty & Co lifted their target price on shares of Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet presently has an average rating of “Buy” and an average target price of $41.56.
In other news, insider Keith Jensen sold 624 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the transaction, the insider now directly owns 978 shares of the company’s stock, valued at $39,833.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the transaction, the director now directly owns 66,611 shares in the company, valued at $2,423,974.29. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,308 shares of company stock worth $506,096. Insiders own 17.00% of the company’s stock.
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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