Globeflex Capital L P Acquires 49,600 Shares of Fortinet, Inc. (FTNT)
Globeflex Capital L P grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 826.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,600 shares of the software maker’s stock after buying an additional 49,600 shares during the period. Globeflex Capital L P’s holdings in Fortinet were worth $2,082,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also modified their holdings of FTNT. DekaBank Deutsche Girozentrale grew its stake in shares of Fortinet by 113.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 9,273 shares of the software maker’s stock worth $370,000 after buying an additional 4,937 shares in the last quarter. US Bancorp DE grew its stake in shares of Fortinet by 51.8% in the 1st quarter. US Bancorp DE now owns 14,574 shares of the software maker’s stock worth $559,000 after buying an additional 4,973 shares in the last quarter. World Asset Management Inc grew its stake in shares of Fortinet by 17.0% in the 1st quarter. World Asset Management Inc now owns 10,451 shares of the software maker’s stock worth $401,000 after buying an additional 1,515 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Fortinet by 9.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 372,420 shares of the software maker’s stock worth $14,282,000 after buying an additional 31,790 shares in the last quarter. Finally, Meadow Creek Investment Management LLC grew its stake in shares of Fortinet by 9.3% in the 1st quarter. Meadow Creek Investment Management LLC now owns 6,204 shares of the software maker’s stock worth $238,000 after buying an additional 528 shares in the last quarter. 68.99% of the stock is owned by institutional investors and hedge funds.
Fortinet, Inc. (FTNT) traded up 0.05% during midday trading on Friday, hitting $38.34. 612,033 shares of the stock traded hands. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56. The firm has a market cap of $6.74 billion, a P/E ratio of 105.04 and a beta of 0.99. The company’s 50-day moving average is $37.31 and its 200 day moving average is $38.20.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post $0.95 EPS for the current fiscal 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 outstanding shares. This repurchase authorization permits the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of brokerages have commented on FTNT. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $45.00 price objective on shares of Fortinet in a research note on Monday, September 18th. Stifel Nicolaus reissued a “hold” rating and issued a $42.00 price objective on shares of Fortinet in a research note on Tuesday, September 12th. Cowen and Company reissued a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research note on Friday, September 8th. Credit Suisse Group started coverage on shares of Fortinet in a research note on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price target for the company. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $41.30.
In other news, VP John Whittle sold 2,091 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were 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 $260,454.87. 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 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 directly owns 66,611 shares in the company, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold 9,558 shares of company stock worth $348,406 in the last three months. Corporate insiders own 16.40% of the company’s stock.
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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