Steward Partners Investment Advisory LLC purchased a new stake in Fortinet Inc (NASDAQ:FTNT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,463 shares of the software maker’s stock, valued at approximately $227,000.
Several other large investors also recently added to or reduced their stakes in the stock. Smithfield Trust Co. lifted its stake in Fortinet by 4,071.4% in the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after acquiring an additional 2,850 shares in the last quarter. TD Asset Management Inc. purchased a new stake in Fortinet in the 2nd quarter worth about $208,000. Tocqueville Asset Management L.P. purchased a new stake in Fortinet in the 2nd quarter worth about $221,000. Keybank National Association OH purchased a new stake in Fortinet in the 2nd quarter worth about $222,000. Finally, SeaCrest Wealth Management LLC lifted its stake in Fortinet by 44.4% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 3,740 shares of the software maker’s stock worth $233,000 after acquiring an additional 1,150 shares in the last quarter. Institutional investors and hedge funds own 71.48% of the company’s stock.
In other news, Director Ming Hsieh sold 7,015 shares of the firm’s stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $85.50, for a total transaction of $599,782.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 2,150 shares of the firm’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total value of $156,885.50. Following the sale, the chief financial officer now directly owns 585 shares of the company’s stock, valued at $42,687.45. The disclosure for this sale can be found here. Insiders have sold a total of 13,540 shares of company stock valued at $1,107,574 over the last ninety days. Company insiders own 17.70% of the company’s stock.
FTNT opened at $83.69 on Friday. Fortinet Inc has a fifty-two week low of $38.12 and a fifty-two week high of $94.37. The stock has a market cap of $13.35 billion, a PE ratio of 160.94, a PEG ratio of 4.89 and a beta of 0.63.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 1st. The software maker reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.07. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The company had revenue of $453.90 million during the quarter, compared to the consensus estimate of $450.84 million. During the same period last year, the business earned $0.28 EPS. The business’s quarterly revenue was up 21.3% on a year-over-year basis. As a group, equities research analysts anticipate that Fortinet Inc will post 0.96 earnings per share for the current fiscal year.
Several brokerages recently issued reports on FTNT. JPMorgan Chase & Co. increased their price objective on Fortinet to $76.00 and gave the stock a “neutral” rating in a research note on Thursday, August 2nd. Bank of America increased their price objective on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Susquehanna Bancshares increased their price objective on Fortinet from $61.00 to $68.00 and gave the stock a “neutral” rating in a research note on Thursday, August 2nd. Finally, BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $73.86.
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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