Alpha Cubed Investments LLC Takes $203,000 Position in Fortinet Inc (FTNT)
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.
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, 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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