Dynamic Technology Lab Private Ltd bought a new position in shares of Fortinet Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,643 shares of the company’s stock, valued at approximately $210,000.
Several other large investors have also made changes to their positions in FTNT. State Street Corp boosted its stake in shares of Fortinet by 1.5% in the first quarter. State Street Corp now owns 4,417,966 shares of the company’s stock worth $135,328,000 after buying an additional 64,030 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Fortinet by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,305,181 shares of the company’s stock worth $131,868,000 after buying an additional 76,896 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Fortinet by 43.8% in the second quarter. Ameriprise Financial Inc. now owns 3,905,990 shares of the company’s stock worth $123,388,000 after buying an additional 1,190,096 shares during the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Fortinet by 14.6% in the second quarter. Frontier Capital Management Co. LLC now owns 3,688,217 shares of the company’s stock worth $116,511,000 after buying an additional 470,309 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of Fortinet by 17.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,610,613 shares of the company’s stock worth $49,333,000 after buying an additional 243,462 shares during the last quarter. 70.65% of the stock is owned by institutional investors.
Fortinet Inc. (NASDAQ:FTNT) opened at 36.81 on Wednesday. Fortinet Inc. has a 12-month low of $23.16 and a 12-month high of $44.63. The firm’s 50 day moving average price is $35.92 and its 200-day moving average price is $33.45. The company has a market capitalization of $6.36 billion, a PE ratio of 994.86 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. During the same period in the previous year, the firm earned $0.11 earnings per share. The business’s revenue was up 29.9% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet Inc. will post $0.70 earnings per share for the current fiscal year.
FTNT has been the subject of a number of recent research reports. Wells Fargo & Co. reissued a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Citigroup Inc. cut their price objective on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and set a $50.00 price objective on shares of Fortinet in a research report on Thursday, June 9th. Wunderlich started coverage on shares of Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective for the company. Finally, Zacks Investment Research cut shares of Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $39.50.
In related news, Director Ming Hsieh sold 23,900 shares of Fortinet stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $34.84, for a total transaction of $832,676.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP John Whittle sold 834 shares of Fortinet stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the sale, the vice president now owns 5,515 shares in the company, valued at $202,400.50. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc. (NASDAQ:FTNT).
Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.