Bluestein R H & Co. Trims Stake in Fortinet, Inc. (FTNT)
Bluestein R H & Co. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the software maker’s stock after selling 500 shares during the period. Bluestein R H & Co.’s holdings in Fortinet were worth $374,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Fortinet by 6.6% during the second 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. lifted its position in shares of Fortinet by 2.5% during the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock worth $456,222,000 after purchasing an additional 298,051 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Fortinet by 27.7% during the first 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 lifted its position in shares of Fortinet by 2.7% during the first 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 lifted its position in shares of Fortinet by 45.0% during the first 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. Institutional investors own 68.99% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $45.00 target price on shares of Fortinet in a research report on Monday, September 18th. Stifel Nicolaus reiterated a “hold” rating and set a $42.00 target price on shares of Fortinet in a research report on Tuesday, September 12th. Cowen and Company reiterated a “buy” rating and set a $43.00 target price on shares of Fortinet in a research report on Friday, September 8th. Credit Suisse Group assumed coverage on shares of Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 target price on the stock. Finally, BMO Capital Markets reiterated a “buy” rating and set a $46.00 target price on shares of Fortinet in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and a consensus price target of $41.30.
In other news, CAO Keith Jensen sold 950 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares in the company, valued at approximately $48,221.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock valued at $348,406 in the last 90 days. 17.00% of the stock is currently owned by company insiders.
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Fortinet, Inc. (FTNT) opened at 38.34 on Monday. The company’s 50-day moving average is $37.31 and its 200 day moving average is $38.20. The firm has a market cap of $6.74 billion, a PE ratio of 105.04 and a beta of 0.99. Fortinet, Inc. has a one year low of $28.50 and a one year high of $41.56.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 EPS. Equities analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is 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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