JPMorgan Chase & Co. decreased its position in Fortinet Inc. (NASDAQ:FTNT) by 42.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 477,709 shares of the company’s stock after selling 350,216 shares during the period. JPMorgan Chase & Co. owned approximately 0.28% of Fortinet worth $15,092,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its position in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares during the period. Telemus Capital LLC raised its stake in shares of Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock worth $234,000 after buying an additional 137 shares in the last quarter. Calvert Investment Management Inc. raised its stake in shares of Fortinet by 10.2% in the second quarter. Calvert Investment Management Inc. now owns 7,445 shares of the company’s stock worth $235,000 after buying an additional 688 shares in the last quarter. Seven Eight Capital LLC raised its stake in shares of Fortinet by 407.2% in the first quarter. Seven Eight Capital LLC now owns 7,598 shares of the company’s stock worth $233,000 after buying an additional 6,100 shares in the last quarter. Finally, Hartford Investment Management Co. raised its stake in shares of Fortinet by 9.7% in the second quarter. Hartford Investment Management Co. now owns 8,064 shares of the company’s stock worth $255,000 after buying an additional 715 shares in the last quarter. 70.65% of the stock is currently owned by institutional investors and hedge funds.
Fortinet Inc. (NASDAQ:FTNT) traded up 2.341% during midday trading on Friday, reaching $36.771. The company’s stock had a trading volume of 1,171,427 shares. Fortinet Inc. has a one year low of $23.16 and a one year high of $44.66. The firm has a market cap of $6.35 billion, a P/E ratio of 993.811 and a beta of 1.63. The firm has a 50 day moving average price of $35.57 and a 200 day moving average price of $33.19.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The business earned $311.40 million during the quarter, compared to the consensus estimate of $304.71 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The firm’s revenue was up 29.9% on a year-over-year basis. Equities research analysts forecast that Fortinet Inc. will post $0.70 EPS for the current fiscal year.
A number of analysts have commented on the company. Pacific Crest reissued a “hold” rating on shares of Fortinet in a report on Friday, July 29th. Citigroup Inc. decreased their price objective on 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. reissued a “buy” rating on shares of Fortinet in a report on Sunday, September 25th. Wunderlich assumed coverage on Fortinet in a report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price objective for the company. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a report on Tuesday, September 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $39.50.
In other Fortinet news, 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 completion of the sale, the vice president now owns 5,515 shares of the company’s stock, valued at approximately $202,400.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Matto Andrew H. Del sold 3,250 shares of Fortinet stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $36.29, for a total transaction of $117,942.50. Following the completion of 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. 16.40% of the stock is currently owned by company insiders.
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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