Quantum Capital Management Has $6,876,000 Stake in Fortinet, Inc. (FTNT)
Quantum Capital Management maintained its stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 183,647 shares of the software maker’s stock at the end of the 2nd quarter. Fortinet makes up about 1.7% of Quantum Capital Management’s portfolio, making the stock its 27th largest holding. Quantum Capital Management owned approximately 0.10% of Fortinet worth $6,876,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. D.A. Davidson & CO. lifted its position in Fortinet by 1.1% in the second quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock worth $388,000 after buying an additional 114 shares during the last quarter. Capstone Asset Management Co. lifted its position in Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock worth $653,000 after buying an additional 200 shares during the last quarter. Flagship Harbor Advisors LLC lifted its position in Fortinet by 2.7% in the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock worth $288,000 after buying an additional 200 shares during the last quarter. Finally, TRUE Private Wealth Advisors lifted its position in Fortinet by 3.4% in the second quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock worth $241,000 after buying an additional 211 shares during the last quarter. Institutional investors own 68.99% of the company’s stock.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded down 0.70% during midday trading on Wednesday, reaching $38.27. The company had a trading volume of 182,403 shares. The company’s 50 day moving average price is $37.31 and its 200-day moving average price is $38.20. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56. The company has a market capitalization of $6.73 billion, a P/E ratio of 104.85 and a beta of 0.99.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for 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 quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.14 EPS. On average, equities research analysts predict that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the sale, the director now owns 66,611 shares in the company, valued at approximately $2,423,974.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Whittle sold 2,091 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the sale, the vice president now owns 7,181 shares in the company, valued at approximately $260,454.87. The disclosure for this sale can be found here. Insiders sold a total of 9,558 shares of company stock worth $348,406 in the last quarter. Company insiders own 17.00% of the company’s stock.
A number of analysts recently issued reports on FTNT shares. ValuEngine downgraded Fortinet from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Cowen and Company restated a “buy” rating and issued a $43.00 price target on shares of Fortinet in a research report on Friday, September 8th. Susquehanna Bancshares Inc started coverage on Fortinet in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price target for the company. Northland Securities started coverage on Fortinet in a research report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price target for the company. Finally, BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $41.30.
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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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