American Capital Management Inc. Acquires 86,825 Shares of Fortinet Inc (FTNT)
American Capital Management Inc. raised its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 9.3% during the fourth quarter, Holdings Channel reports. The fund owned 1,024,395 shares of the software maker’s stock after buying an additional 86,825 shares during the period. Fortinet comprises about 2.7% of American Capital Management Inc.’s investment portfolio, making the stock its 15th biggest position. American Capital Management Inc.’s holdings in Fortinet were worth $44,756,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its position in Fortinet by 30.0% during the third quarter. JPMorgan Chase & Co. now owns 443,180 shares of the software maker’s stock valued at $15,914,000 after acquiring an additional 102,195 shares during the last quarter. Gluskin Sheff & Assoc Inc. grew its position in Fortinet by 89.8% during the third quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock valued at $19,739,000 after acquiring an additional 260,509 shares during the last quarter. Victory Capital Management Inc. bought a new position in Fortinet during the third quarter valued at approximately $1,300,000. New York State Common Retirement Fund grew its position in Fortinet by 2.2% during the third quarter. New York State Common Retirement Fund now owns 519,640 shares of the software maker’s stock valued at $18,624,000 after acquiring an additional 11,333 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Fortinet by 3.6% during the second quarter. Royal Bank of Canada now owns 123,289 shares of the software maker’s stock valued at $4,616,000 after acquiring an additional 4,247 shares during the last quarter. Institutional investors and hedge funds own 70.69% of the company’s stock.
In other Fortinet news, VP Michael Xie sold 3,585 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the transaction, the vice president now owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the transaction, the director now directly owns 72,606 shares of the company’s stock, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Insiders have sold 73,355 shares of company stock valued at $3,072,511 in the last three months. Insiders own 17.00% of the company’s stock.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm’s revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. sell-side analysts forecast that Fortinet Inc will post 0.48 EPS for the current fiscal year.
Fortinet declared that its Board of Directors has authorized a stock repurchase plan on Thursday, October 26th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently weighed in on the company. Deutsche Bank lowered Fortinet from a “buy” rating to a “hold” rating and set a $46.00 price objective for the company. in a research note on Tuesday. Monness Crespi & Hardt reissued a “buy” rating and set a $50.00 price objective (up previously from $45.00) on shares of Fortinet in a research note on Friday. Robert W. Baird increased their price objective on Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 11th. Barclays lowered Fortinet from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $45.00 to $48.00 in a research note on Tuesday, January 9th. Finally, Oppenheimer increased their price objective on Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $45.38.
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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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