Ladenburg Thalmann Financial Services Inc. lifted its stake in Fortinet Inc (NASDAQ:FTNT) by 18.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,348 shares of the software maker’s stock after acquiring an additional 1,488 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Fortinet were worth $498,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Sensato Investors LLC purchased a new stake in shares of Fortinet in the first quarter worth $17,667,000. Carleon Capital Partners LLC purchased a new stake in shares of Fortinet in the first quarter worth $372,000. Element Capital Management LLC purchased a new stake in shares of Fortinet in the first quarter worth $493,000. Bayesian Capital Management LP purchased a new stake in shares of Fortinet in the first quarter worth $1,286,000. Finally, Achmea Investment Management B.V. purchased a new stake in shares of Fortinet in the first quarter worth $707,000. 69.12% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the company. Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 19th. They noted that the move was a valuation call. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. BMO Capital Markets reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $50.00) on shares of Fortinet in a research report on Thursday, March 29th. UBS Group increased their price objective on Fortinet from $50.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 21st. Finally, Morgan Stanley set a $55.00 price objective on Fortinet and gave the stock a “hold” rating in a research report on Friday, May 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $56.52.
Fortinet opened at $64.97 on Friday, according to Marketbeat Ratings. Fortinet Inc has a twelve month low of $35.44 and a twelve month high of $66.32. The stock has a market cap of $10.69 billion, a price-to-earnings ratio of 124.94, a PEG ratio of 4.31 and a beta of 0.71.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.09. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The business had revenue of $399.00 million for the quarter, compared to the consensus estimate of $390.60 million. During the same quarter last year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. equities research analysts forecast that Fortinet Inc will post 0.88 EPS for the current fiscal year.
In other news, VP John Whittle sold 2,835 shares of Fortinet stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $55.38, for a total value of $157,002.30. Following the transaction, the vice president now owns 8,684 shares in the company, valued at $480,919.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 3,780 shares of Fortinet stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $56.02, for a total value of $211,755.60. Following the completion of the transaction, the vice president now owns 6,694,500 shares in the company, valued at approximately $375,025,890. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,214 shares of company stock worth $5,052,515. Company insiders own 17.70% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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