Alpha Cubed Investments LLC bought a new stake in shares of Fortinet Inc (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,499 shares of the software maker’s stock, valued at approximately $203,000.

A number of other institutional investors have also made changes to their positions in FTNT. Natixis raised its stake in shares of Fortinet by 410.0% in the 2nd quarter. Natixis now owns 246,585 shares of the software maker’s stock worth $15,394,000 after buying an additional 198,238 shares in the last quarter. DE Burlo Group Inc. raised its stake in shares of Fortinet by 339.1% in the 2nd quarter. DE Burlo Group Inc. now owns 140,500 shares of the software maker’s stock worth $8,771,000 after buying an additional 108,500 shares in the last quarter. ClariVest Asset Management LLC bought a new stake in shares of Fortinet in the 2nd quarter worth $3,777,000. Point72 Asset Management L.P. bought a new stake in shares of Fortinet in the 2nd quarter worth $2,759,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Fortinet in the 2nd quarter worth $358,000. 71.25% of the stock is currently owned by hedge funds and other institutional investors.

In other news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $62.23, for a total transaction of $77,787.50. Following the transaction, the vice president now owns 9,309 shares in the company, valued at $579,299.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 165,780 shares of Fortinet stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $73.43, for a total value of $12,173,225.40. Following the transaction, the vice president now owns 6,694,500 shares in the company, valued at approximately $491,577,135. The disclosure for this sale can be found here. Insiders have sold 180,570 shares of company stock worth $13,358,587 in the last quarter. 17.70% of the stock is currently owned by corporate insiders.

Shares of FTNT stock opened at $78.19 on Monday. Fortinet Inc has a 1-year low of $37.15 and a 1-year high of $94.37. The firm has a market cap of $13.22 billion, a PE ratio of 150.37, a price-to-earnings-growth ratio of 4.84 and a beta of 0.63.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The business had revenue of $441.30 million for the quarter, compared to the consensus estimate of $425.66 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. Fortinet’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, analysts expect that Fortinet Inc will post 0.96 EPS for the current fiscal year.

A number of analysts have recently commented on the company. Oppenheimer boosted their price objective on Fortinet from $82.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 26th. Goldman Sachs Group set a $95.00 price objective on Fortinet and gave the stock a “buy” rating in a research note on Tuesday, September 25th. UBS Group downgraded Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $80.00 to $90.00 in a research note on Tuesday, September 18th. They noted that the move was a valuation call. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. Finally, Bank of America downgraded Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $77.00 to $95.00 in a research note on Thursday, September 20th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Fortinet presently has an average rating of “Hold” and an average target price of $73.86.

Fortinet 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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