Trexquant Investment LP Buys 7,800 Shares of Fortinet, Inc. (FTNT)
Trexquant Investment LP increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 116.4% during the second quarter, Holdings Channel reports. The firm owned 14,500 shares of the software maker’s stock after buying an additional 7,800 shares during the period. Trexquant Investment LP’s holdings in Fortinet were worth $543,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in FTNT. Cigna Investments Inc. New bought a new stake in shares of Fortinet during the second quarter valued at about $211,000. Seven Bridges Advisors LLC increased its stake in shares of Fortinet by 31.8% in the second quarter. Seven Bridges Advisors LLC now owns 22,060 shares of the software maker’s stock valued at $826,000 after buying an additional 5,318 shares during the period. Pictet Asset Management Ltd. increased its stake in shares of Fortinet by 66.3% in the second quarter. Pictet Asset Management Ltd. now owns 1,486,700 shares of the software maker’s stock valued at $58,487,000 after buying an additional 592,600 shares during the period. IFP Advisors Inc increased its stake in shares of Fortinet by 2.8% in the second quarter. IFP Advisors Inc now owns 21,685 shares of the software maker’s stock valued at $812,000 after buying an additional 581 shares during the period. Finally, ARP Americas LLC bought a new stake in shares of Fortinet during the second quarter valued at about $288,000. 72.98% of the stock is currently owned by institutional investors and hedge funds.
Fortinet, Inc. (FTNT) opened at 36.48 on Friday. The firm has a market capitalization of $6.41 billion, a PE ratio of 99.95 and a beta of 1.02. Fortinet, Inc. has a one year low of $28.51 and a one year high of $41.56. The company has a 50 day moving average price of $38.35 and a 200-day moving average price of $37.91.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. Fortinet’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 EPS. On average, equities analysts predict that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several analysts recently issued reports on the company. ValuEngine raised Fortinet from a “sell” rating to a “hold” rating in a report on Thursday. BidaskClub downgraded Fortinet from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $42.00 target price on shares of Fortinet in a research note on Friday, July 28th. Cowen and Company reaffirmed a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday, July 28th. Finally, Dougherty & Co lifted their target price on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Fortinet presently has an average rating of “Buy” and an average price target of $41.56.
In other news, CAO Keith Jensen sold 950 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the transaction, the chief accounting officer now owns 1,315 shares in the company, valued at approximately $48,221.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 2,091 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total value of $75,840.57. Following the completion of the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock valued at $535,475 in the last 90 days. 16.40% of the stock is owned by corporate insiders.
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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