Convergence Investment Partners LLC Acquires New Stake in Fortinet, Inc. (FTNT)
Convergence Investment Partners LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, Holdings Channel reports. The institutional investor acquired 80,290 shares of the software maker’s stock, valued at approximately $3,006,000.
A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Teachers Advisors LLC increased its position in Fortinet by 440.2% in the fourth quarter. Teachers Advisors LLC now owns 656,181 shares of the software maker’s stock worth $19,764,000 after buying an additional 534,706 shares in the last quarter. Vanguard Group Inc. boosted 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. Clinton Group Inc. bought a new stake in shares of Fortinet during the first quarter worth about $888,000. Louisiana State Employees Retirement System boosted its stake in shares of Fortinet by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 37,600 shares of the software maker’s stock worth $1,442,000 after buying an additional 1,200 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Fortinet by 313.5% in the first quarter. KBC Group NV now owns 53,945 shares of the software maker’s stock worth $2,069,000 after buying an additional 40,899 shares during the last quarter. Hedge funds and other institutional investors own 72.98% of the company’s stock.
Fortinet, Inc. (NASDAQ:FTNT) opened at 36.48 on Friday. The firm’s 50-day moving average price is $38.35 and its 200 day moving average price is $37.91. Fortinet, Inc. has a 1-year low of $28.51 and a 1-year high of $41.56. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 99.95 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. On average, analysts predict that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its board has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
A number of equities research analysts have issued reports on FTNT shares. Monness Crespi & Hardt started coverage on Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 target price for the company. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Wednesday, May 3rd. Robert W. Baird reaffirmed a “buy” rating on shares of Fortinet in a research report on Friday, April 28th. UBS AG upped their target price on Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Finally, Dougherty & Co upped their target price on Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $41.56.
In other news, CAO Keith Jensen sold 950 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the sale, the chief accounting officer now directly owns 1,315 shares in the company, valued at approximately $48,221.05. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $39.29, for a total value of $186,352.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,258 shares of company stock valued at $535,475. Corporate insiders own 16.40% of the company’s stock.
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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