Alps Advisors Inc. lifted its position in Fortinet Inc (NASDAQ:FTNT) by 19.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,755 shares of the software maker’s stock after purchasing an additional 936 shares during the quarter. Alps Advisors Inc.’s holdings in Fortinet were worth $531,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in FTNT. Schroder Investment Management Group grew its holdings in shares of Fortinet by 411.0% in the second quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock valued at $36,654,000 after purchasing an additional 1,102,708 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of Fortinet in the second quarter valued at about $66,610,000. Bank of Montreal Can grew its holdings in shares of Fortinet by 51.0% in the second quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock valued at $126,808,000 after purchasing an additional 685,767 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Fortinet by 655.2% in the second quarter. Janus Henderson Group PLC now owns 611,465 shares of the software maker’s stock valued at $38,174,000 after purchasing an additional 530,500 shares during the period. Finally, KBC Group NV grew its holdings in shares of Fortinet by 306.3% in the second quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock valued at $41,531,000 after purchasing an additional 501,529 shares during the period. 71.41% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have weighed in on FTNT. Bank of America increased their target price on shares of Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus increased their target price on shares of Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. BidaskClub lowered shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Monness Crespi & Hardt increased their target price on shares of Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Finally, Cleveland Research raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research note on Thursday, July 19th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet has a consensus rating of “Hold” and a consensus target price of $78.32.
In other news, VP John Whittle sold 1,250 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $76.50, for a total transaction of $95,625.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 1,875 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $77.05, for a total transaction of $144,468.75. Following the sale, the chief financial officer now directly owns 1,210 shares in the company, valued at approximately $93,230.50. The disclosure for this sale can be found here. Insiders have sold 91,405 shares of company stock worth $7,445,168 in the last three months. Corporate insiders own 17.70% of the company’s stock.
Shares of FTNT opened at $74.87 on Tuesday. The stock has a market cap of $12.27 billion, a PE ratio of 143.98, a price-to-earnings-growth ratio of 4.49 and a beta of 0.81. Fortinet Inc has a 1 year low of $38.62 and a 1 year high of $94.37.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The business had revenue of $453.90 million for the quarter, compared to analysts’ expectations of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 earnings per share. Research analysts expect that Fortinet Inc will post 0.96 EPS for the current fiscal year.
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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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