Fortinet, Inc. (FTNT) Stake Boosted by Arrowstreet Capital Limited Partnership
Arrowstreet Capital Limited Partnership grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 75.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 417,500 shares of the software maker’s stock after purchasing an additional 179,010 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.24% of Fortinet worth $15,631,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. First Mercantile Trust Co. acquired a new position in shares of Fortinet in the 2nd quarter valued at $136,000. GLG Partners LP acquired a new position in shares of Fortinet in the 2nd quarter valued at $145,000. NEXT Financial Group Inc lifted its stake in shares of Fortinet by 17,296.0% in the 2nd 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 during the last quarter. Ropes Wealth Advisors LLC lifted its stake in shares of Fortinet by 67.3% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in shares of Fortinet in the 2nd quarter valued at $209,000. 68.99% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Christopher B. Paisley sold 4,000 shares of the business’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 transaction, the director now owns 66,611 shares in the company, valued at $2,423,974.29. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Keith Jensen sold 1,850 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total value of $67,469.50. Following the completion of the transaction, the insider now owns 1,315 shares in the company, valued at approximately $47,958.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,558 shares of company stock worth $348,406. Insiders own 16.40% of the company’s stock.
FTNT has been the topic of several recent analyst reports. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Friday, July 7th. OTR Global raised Fortinet to a “positive” rating in a research note on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 price target on Fortinet and gave the company a “buy” rating in a research note on Friday, August 25th. Credit Suisse Group initiated coverage on Fortinet in a research note on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price target on the stock. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Fortinet in a research note on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $41.26.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded down 0.18% during midday trading on Thursday, reaching $38.61. The company’s stock had a trading volume of 127,339 shares. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 105.78 and a beta of 1.01. The firm’s 50 day moving average is $37.73 and its 200 day moving average is $38.30.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The company’s revenue was up 16.7% compared to the same quarter last year. Equities analysts forecast that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.
Fortinet declared that its board has approved a stock buyback program on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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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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