World Asset Management Inc Has $404,000 Stake in Fortinet, Inc. (FTNT)
World Asset Management Inc increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.2% during the second quarter, Holdings Channel reports. The fund owned 10,787 shares of the software maker’s stock after buying an additional 336 shares during the period. World Asset Management Inc’s holdings in Fortinet were worth $404,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of FTNT. Profund Advisors LLC raised its position in Fortinet by 6.6% in the first quarter. Profund Advisors LLC now owns 21,255 shares of the software maker’s stock worth $815,000 after buying an additional 1,311 shares during the last quarter. American Capital Management Inc. raised its position in Fortinet by 1.7% in the first quarter. American Capital Management Inc. now owns 796,260 shares of the software maker’s stock worth $30,537,000 after buying an additional 13,545 shares during the last quarter. Global Thematic Partners LLC raised its position in Fortinet by 8.8% in the first quarter. Global Thematic Partners LLC now owns 1,257,671 shares of the software maker’s stock worth $48,231,000 after buying an additional 101,631 shares during the last quarter. Nationwide Fund Advisors raised its position in Fortinet by 85.6% in the first quarter. Nationwide Fund Advisors now owns 452,408 shares of the software maker’s stock worth $17,350,000 after buying an additional 208,677 shares during the last quarter. Finally, Capital Impact Advisors LLC bought a new position in Fortinet during the first quarter worth approximately $1,845,000. 72.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortinet, Inc. (NASDAQ FTNT) opened at 36.48 on Friday. Fortinet, Inc. has a 52-week low of $28.51 and a 52-week high of $41.56. The firm’s 50-day moving average price is $38.35 and its 200 day moving average price is $37.91. The company has a market capitalization of $6.41 billion, a PE ratio of 99.95 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. During the same period last year, the firm earned $0.14 earnings per share. The company’s quarterly revenue was up 16.7% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of equities analysts have recently commented on the company. Evercore ISI set a $38.00 price target on Fortinet and gave the stock a “hold” rating in a report on Thursday, July 27th. Robert W. Baird set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a report on Thursday, July 27th. Dougherty & Co raised their price target on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. UBS AG raised their price target on Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Finally, Royal Bank Of Canada raised their price target on Fortinet from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $41.56.
In other news, VP John Whittle sold 2,091 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares in the company, valued at $260,454.87. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were 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. Over the last quarter, insiders have sold 14,258 shares of company stock worth $535,475. Insiders own 16.40% 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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