Bridgewater Associates LP Invests $440,000 in Fortinet, Inc. (FTNT) Stock
Bridgewater Associates LP purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,749 shares of the software maker’s stock, valued at approximately $440,000.
Other large investors have also recently modified their holdings of the company. First Mercantile Trust Co. purchased a new position in Fortinet during the second quarter valued at approximately $136,000. NEXT Financial Group Inc lifted its holdings in Fortinet by 17,296.0% during the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after purchasing an additional 4,324 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Fortinet by 31.9% during the first quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock valued at $174,000 after purchasing an additional 1,100 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Fortinet during the first quarter valued at approximately $181,000. Finally, Greenwood Capital Associates LLC purchased a new position in Fortinet during the second quarter valued at approximately $209,000. 68.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at 38.66 on Monday. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56. The stock has a market capitalization of $6.80 billion, a price-to-earnings ratio of 105.92 and a beta of 0.99. The stock’s 50 day moving average is $37.23 and its 200-day moving average is $38.16.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. During the same period last year, the company earned $0.14 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total transaction of $67,469.50. Following the completion of the sale, the insider now directly owns 1,315 shares of the company’s stock, valued at approximately $47,958.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $145,560.00. Following the sale, the director now directly owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders sold a total of 9,558 shares of company stock valued at $348,406 over the last ninety days. Corporate insiders own 17.00% of the company’s stock.
FTNT has been the topic of several analyst reports. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Friday, July 7th. OTR Global raised shares of Fortinet to a “positive” rating in a report on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a report on Friday, August 25th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $45.00 price target on shares of Fortinet in a report on Thursday, June 22nd. Finally, Evercore ISI set a $38.00 price target on shares of Fortinet and gave the company a “hold” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.30.
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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