Redpoint Investment Management Pty Ltd raised its position in Fortinet Inc (NASDAQ:FTNT) by 5.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,066 shares of the software maker’s stock after buying an additional 2,043 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in Fortinet were worth $3,697,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in FTNT. Natixis raised its stake in shares of Fortinet by 410.0% in the second quarter. Natixis now owns 246,585 shares of the software maker’s stock worth $15,394,000 after acquiring an additional 198,238 shares during the last quarter. DE Burlo Group Inc. raised its stake in shares of Fortinet by 339.1% in the second quarter. DE Burlo Group Inc. now owns 140,500 shares of the software maker’s stock worth $8,771,000 after acquiring an additional 108,500 shares during the last quarter. ClariVest Asset Management LLC bought a new position in shares of Fortinet in the second quarter worth about $3,777,000. Point72 Asset Management L.P. bought a new position in shares of Fortinet in the second quarter worth about $2,759,000. Finally, First Republic Investment Management Inc. bought a new position in shares of Fortinet in the second quarter worth about $358,000. Hedge funds and other institutional investors own 72.26% of the company’s stock.

In other Fortinet news, VP Michael Xie sold 73,780 shares of the company’s stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $81.71, for a total value of $6,028,563.80. Following the completion of the sale, the vice president now owns 9,309 shares of the company’s stock, valued at $760,638.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter Dale Jr. Cohen sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $74.26, for a total transaction of $148,520.00. Following the completion of the sale, the director now directly owns 3,467 shares of the company’s stock, valued at approximately $257,459.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,605 shares of company stock valued at $7,542,454. 17.70% of the stock is currently owned by insiders.

FTNT opened at $74.70 on Wednesday. The company has a market cap of $12.56 billion, a P/E ratio of 143.65, a price-to-earnings-growth ratio of 4.30 and a beta of 0.81. Fortinet Inc has a fifty-two week low of $39.40 and a fifty-two week high of $94.37.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.04. The business had revenue of $453.90 million during the quarter, compared to the consensus estimate of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. Fortinet’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 earnings per share. On average, analysts predict that Fortinet Inc will post 1.02 EPS for the current year.

FTNT has been the subject of a number of research analyst reports. Bank of America boosted their target price on shares of Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus boosted their target price on shares of Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Monness Crespi & Hardt boosted their target price on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $78.77.

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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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