Wright Investors Service Inc. bought a new stake in Fortinet Inc (NASDAQ:FTNT) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,289 shares of the software maker’s stock, valued at approximately $714,000.

Several other hedge funds also recently bought and sold shares of FTNT. Geode Capital Management LLC lifted its position in shares of Fortinet by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after buying an additional 787,230 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Fortinet by 16.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock valued at $32,588,000 after buying an additional 66,442 shares during the last quarter. Flagship Harbor Advisors LLC lifted its position in shares of Fortinet by 9.9% during the first quarter. Flagship Harbor Advisors LLC now owns 6,607 shares of the software maker’s stock valued at $554,000 after buying an additional 593 shares during the last quarter. IFM Investors Pty Ltd lifted its position in shares of Fortinet by 12.8% during the first quarter. IFM Investors Pty Ltd now owns 10,110 shares of the software maker’s stock valued at $849,000 after buying an additional 1,145 shares during the last quarter. Finally, Conning Inc. purchased a new stake in shares of Fortinet during the first quarter valued at about $231,000. Institutional investors and hedge funds own 72.38% of the company’s stock.

NASDAQ:FTNT traded down $0.14 during midday trading on Thursday, hitting $80.57. The company’s stock had a trading volume of 52,384 shares, compared to its average volume of 1,740,378. Fortinet Inc has a fifty-two week low of $64.41 and a fifty-two week high of $96.96. The company’s 50 day simple moving average is $82.52. The company has a market capitalization of $14.05 billion, a price-to-earnings ratio of 71.59, a P/E/G ratio of 3.75 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The company had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. During the same quarter in the prior year, the company earned $0.41 EPS. Fortinet’s quarterly revenue was up 18.2% on a year-over-year basis. On average, equities analysts forecast that Fortinet Inc will post 1.42 EPS for the current year.

In related news, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $81.62, for a total value of $81,620.00. Following the transaction, the director now owns 72,621 shares in the company, valued at approximately $5,927,326.02. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $82.58, for a total transaction of $660,640.00. Following the completion of the transaction, the chief executive officer now owns 12,521,600 shares in the company, valued at approximately $1,034,033,728. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,749 shares of company stock worth $3,858,465. 17.20% of the stock is owned by corporate insiders.

FTNT has been the subject of several analyst reports. Bank of America raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research report on Friday, August 2nd. Robert W. Baird reissued a “hold” rating and set a $100.00 price target on shares of Fortinet in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target for the company in a research report on Monday, June 24th. Monness Crespi & Hardt reissued a “buy” rating and set a $102.00 price target (up from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. Finally, Barclays reissued a “hold” rating and set a $99.00 price target on shares of Fortinet in a research report on Sunday, August 4th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have given a buy rating to the company. Fortinet currently has an average rating of “Hold” and an average price target of $87.96.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

See Also: P/E Growth (PEG)

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.