Principal Financial Group Inc. raised its position in Fortinet Inc. (NASDAQ:FTNT) by 13.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 558,034 shares of the company’s stock after buying an additional 68,276 shares during the period. Principal Financial Group Inc. owned 0.32% of Fortinet worth $17,629,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. State Street Corp raised 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 period. BlackRock Institutional Trust Company N.A. raised 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 period. Ameriprise Financial Inc. raised 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 period. Frontier Capital Management Co. LLC raised 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 period. Finally, TIAA CREF Investment Management LLC raised 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 period. Institutional investors and hedge funds own 70.65% of the company’s stock.
Fortinet Inc. (NASDAQ:FTNT) traded up 0.22% during midday trading on Wednesday, hitting $36.89. The stock had a trading volume of 137,724 shares. The stock’s 50-day moving average is $35.92 and its 200-day moving average is $33.45. The company has a market capitalization of $6.37 billion, a PE ratio of 997.03 and a beta of 1.62. Fortinet Inc. has a 1-year low of $23.16 and a 1-year high of $44.63.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. The business earned $311.40 million during the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 earnings per share. Equities research analysts forecast that Fortinet Inc. will post $0.70 EPS for the current year.
A number of analysts recently commented on FTNT shares. Wells Fargo & Co. reiterated a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Citigroup Inc. decreased their target price on 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. reissued a “buy” rating and issued a $50.00 target price on shares of Fortinet in a research report on Thursday, June 9th. Wunderlich initiated coverage on Fortinet in a research report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Zacks Investment Research downgraded Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $39.50.
In related news, VP John Whittle sold 834 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.70, for a total transaction of $30,607.80. Following the completion of the sale, the vice president now owns 5,515 shares of the company’s stock, valued at approximately $202,400.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matto Andrew H. Del sold 3,250 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $36.29, for a total transaction of $117,942.50. Following the sale, the chief financial officer now directly owns 9,686 shares of the company’s stock, valued at approximately $351,504.94. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.
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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