Fortinet, Inc. (FTNT) Shares Bought by Westfield Capital Management Co. LP
Westfield Capital Management Co. LP increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,506,653 shares of the software maker’s stock after purchasing an additional 80,295 shares during the quarter. Westfield Capital Management Co. LP owned 0.86% of Fortinet worth $56,409,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. increased its position in Fortinet by 6.6% during the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after purchasing an additional 870,061 shares in the last quarter. Vanguard Group Inc. increased its position in Fortinet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after purchasing an additional 563,667 shares in the last quarter. Clearbridge Investments LLC increased its position in Fortinet by 27.7% during the 1st quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after purchasing an additional 1,831,096 shares in the last quarter. State Street Corp increased its position in Fortinet by 2.7% during the 1st quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after purchasing an additional 118,681 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Fortinet by 45.0% during the 1st quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after purchasing an additional 1,177,300 shares in the last quarter. 69.02% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on FTNT shares. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Friday, July 7th. OTR Global raised shares of Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 target price on shares of Fortinet and gave the stock a “buy” rating in a research report on Friday, August 25th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $45.00 target price on shares of Fortinet in a research report on Thursday, June 22nd. Finally, Evercore ISI set a $38.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and a consensus target price of $41.30.
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Shares of Fortinet, Inc. (NASDAQ:FTNT) traded up 1.60% during trading on Friday, reaching $38.66. The company had a trading volume of 1,882,795 shares. Fortinet, Inc. has a 12 month low of $28.51 and a 12 month high of $41.56. The firm has a market capitalization of $6.80 billion, a PE ratio of 105.92 and a beta of 0.99. The stock has a 50 day moving average price of $37.23 and a 200 day moving average price of $38.16.
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, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same quarter last year, the firm earned $0.14 EPS. Fortinet’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
In other news, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction of $75,840.57. Following the sale, the vice president now owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Keith Jensen sold 950 shares of Fortinet stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the sale, the chief accounting officer now directly owns 1,315 shares in the company, valued at approximately $48,221.05. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock worth $348,406 in the last three months. 16.40% of the stock is owned by 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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