D Orazio & Associates Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 97.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 102 shares of the software maker’s stock after selling 4,398 shares during the quarter. D Orazio & Associates Inc.’s holdings in Fortinet were worth $30,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Douglass Winthrop Advisors LLC bought a new stake in Fortinet in the 3rd quarter valued at about $246,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Fortinet by 36.9% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 33,295 shares of the software maker’s stock worth $9,724,000 after buying an additional 8,981 shares during the last quarter. Forsta AP Fonden lifted its stake in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 44,600 shares of the software maker’s stock valued at $13,025,000 after purchasing an additional 4,700 shares during the last quarter. Pitcairn Co. raised its holdings in Fortinet by 8.9% during the 3rd quarter. Pitcairn Co. now owns 4,606 shares of the software maker’s stock valued at $1,345,000 after acquiring an additional 375 shares during the period. Finally, Orion Portfolio Solutions LLC bought a new stake in Fortinet during the 3rd quarter valued at $674,000. 67.27% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. BMO Capital Markets upped their price target on shares of Fortinet from $335.00 to $375.00 and gave the stock a “market perform” rating in a report on Friday, November 5th. Morgan Stanley upped their price target on shares of Fortinet from $230.00 to $295.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 12th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $293.00 to $320.00 and gave the company a “hold” rating in a research report on Monday, November 8th. Royal Bank of Canada increased their target price on shares of Fortinet from $248.00 to $347.00 and gave the stock a “sector perform” rating in a report on Friday, November 5th. Finally, Stifel Nicolaus initiated coverage on shares of Fortinet in a research note on Tuesday, September 21st. They issued a “buy” rating and a $355.00 price target for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $325.05.
FTNT opened at $312.54 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.80 and a quick ratio of 1.72. The company’s 50 day simple moving average is $331.98 and its two-hundred day simple moving average is $309.00. Fortinet, Inc. has a 1-year low of $143.63 and a 1-year high of $371.77. The firm has a market capitalization of $51.10 billion, a price-to-earnings ratio of 94.14, a price-to-earnings-growth ratio of 6.13 and a beta of 1.16.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.05. The firm had revenue of $867.20 million during the quarter, compared to the consensus estimate of $812.21 million. Fortinet had a net margin of 17.74% and a return on equity of 47.46%. The firm’s revenue for the quarter was up 33.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 2.85 earnings per share for the current fiscal year.
Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.
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