Strs Ohio Boosts Holdings in Fortinet Inc (FTNT)
Strs Ohio grew its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 293.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,797 shares of the software maker’s stock after buying an additional 5,813 shares during the quarter. Strs Ohio’s holdings in Fortinet were worth $486,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Blue Harbour Group L.P. bought a new stake in shares of Fortinet during the first quarter worth $146,798,000. Bank of Montreal Can grew its stake in shares of Fortinet by 51.0% during the second quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock worth $126,808,000 after buying an additional 685,767 shares during the last quarter. Contour Asset Management LLC bought a new stake in shares of Fortinet during the first quarter worth $35,733,000. KBC Group NV grew its stake in shares of Fortinet by 306.3% during the second quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock worth $41,531,000 after buying an additional 501,529 shares during the last quarter. Finally, Park West Asset Management LLC bought a new stake in shares of Fortinet during the first quarter worth $24,256,000. 71.79% of the stock is currently owned by hedge funds and other institutional investors.
FTNT has been the topic of a number of research reports. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. Credit Suisse Group boosted their target price on shares of Fortinet from $43.00 to $52.00 and gave the stock an “underperform” rating in a research note on Thursday, August 2nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $76.00 target price (up previously from $61.00) on shares of Fortinet in a research note on Thursday, August 2nd. They noted that the move was a valuation call. Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. Finally, ValuEngine upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Fortinet currently has an average rating of “Buy” and a consensus target price of $66.14.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.22. The company had revenue of $441.30 million for the quarter, compared to analyst estimates of $425.66 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. Fortinet’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 earnings per share. research analysts forecast that Fortinet Inc will post 0.96 EPS for the current year.
In related news, CFO Keith Jensen sold 1,875 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $77.05, for a total value of $144,468.75. Following the transaction, the chief financial officer now owns 1,210 shares in the company, valued at $93,230.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP John Whittle sold 1,250 shares of the business’s stock in a transaction on Monday, June 18th. The shares were sold at an average price of $64.98, for a total transaction of $81,225.00. Following the completion of the transaction, the vice president now owns 9,309 shares in the company, valued at approximately $604,898.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,555 shares of company stock worth $12,729,217. 17.70% of the stock is owned by company insiders.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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