Fortinet, Inc. (FTNT) Position Raised by AO Asset Management LLC
AO Asset Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 87.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 224,000 shares of the software maker’s stock after purchasing an additional 104,214 shares during the period. Fortinet accounts for about 2.0% of AO Asset Management LLC’s holdings, making the stock its 18th biggest holding. AO Asset Management LLC owned approximately 0.13% of Fortinet worth $8,387,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new stake in shares of Fortinet during the second quarter valued at about $136,000. NEXT Financial Group Inc increased its position in shares of 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 acquiring an additional 4,324 shares during the last quarter. Greenwood Capital Associates LLC acquired a new stake in shares of Fortinet during the second quarter valued at about $209,000. Cigna Investments Inc. New acquired a new stake in shares of Fortinet during the second quarter valued at about $211,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Fortinet during the first quarter valued at about $220,000. Hedge funds and other institutional investors own 68.99% of the company’s stock.
A number of equities research analysts have weighed in on FTNT shares. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a research report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price target for the company. Monness Crespi & Hardt started coverage on shares of Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price target for the company. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $45.00 price target on shares of Fortinet in a research report on Thursday, June 22nd. Finally, Northland Securities started coverage on shares of Fortinet in a research report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $41.30.
In other news, VP John Whittle sold 2,091 shares of the firm’s 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 completion of the sale, the vice president now owns 7,181 shares of the company’s stock, valued at $260,454.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Keith Jensen sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the sale, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock valued at $348,406 in the last ninety days. 16.40% of the stock is owned by corporate insiders.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded up 0.05% during mid-day trading on Friday, hitting $38.34. 612,033 shares of the stock traded hands. Fortinet, Inc. has a one year low of $28.50 and a one year high of $41.56. The stock has a market cap of $6.74 billion, a PE ratio of 105.04 and a beta of 0.99. The stock has a 50-day moving average of $37.31 and a 200 day moving average of $38.20.
Fortinet (NASDAQ:FTNT) last issued 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. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. During the same quarter last year, the company earned $0.14 earnings per share. Fortinet’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.
Fortinet announced that its board has authorized a share repurchase program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
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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