Essex Investment Management Co. LLC boosted its stake in Fortinet Inc. (NASDAQ:FTNT) by 15.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 35,000 shares of the company’s stock after buying an additional 4,618 shares during the period. Essex Investment Management Co. LLC’s holdings in Fortinet were worth $1,106,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pictet Asset Management Ltd. boosted its position in shares of Fortinet by 0.4% in the first quarter. Pictet Asset Management Ltd. now owns 644,450 shares of the company’s stock valued at $18,302,000 after buying an additional 2,650 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Fortinet during the first quarter valued at about $337,000. UBS Asset Management Americas Inc. boosted its position in shares of Fortinet by 3.2% in the first quarter. UBS Asset Management Americas Inc. now owns 326,952 shares of the company’s stock valued at $10,015,000 after buying an additional 10,179 shares during the last quarter. State Street Corp boosted its position 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 valued at $135,328,000 after buying an additional 64,030 shares during the last quarter. Finally, East Coast Asset Management LLC. bought a new position in shares of Fortinet during the first quarter valued at about $357,000. Institutional investors own 70.65% of the company’s stock.
Fortinet Inc. (NASDAQ:FTNT) traded up 0.03% during trading on Monday, hitting $36.94. 1,803,031 shares of the stock were exchanged. Fortinet Inc. has a one year low of $23.16 and a one year high of $44.66. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 998.38 and a beta of 1.62. The stock’s 50 day moving average is $35.81 and its 200-day moving average is $33.39.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. The firm earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm’s revenue was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 earnings per share. On average, equities research analysts expect that Fortinet Inc. will post $0.70 earnings per share for the current fiscal year.
Several research analysts have recently issued reports on the stock. Pacific Crest restated a “hold” rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. lowered their target price on shares of Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, July 29th. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Wunderlich assumed coverage on shares of Fortinet in a report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $45.00 target price on shares of Fortinet in a report on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $39.50.
In other Fortinet news, CFO Matto Andrew H. Del sold 3,250 shares of Fortinet stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the transaction, the chief financial officer now owns 9,686 shares of the company’s stock, valued at $351,504.94. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Whittle sold 15,007 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.91, for a total transaction of $523,894.37. Following the completion of the transaction, the vice president now directly owns 18,969 shares of the company’s stock, valued at approximately $662,207.79. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
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.
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