Pitcairn Co. Boosts Position in Fortinet Inc (FTNT)

Pitcairn Co. boosted its holdings in Fortinet Inc (NASDAQ:FTNT) by 35.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 9,916 shares of the software maker’s stock after buying an additional 2,610 shares during the period. Pitcairn Co.’s holdings in Fortinet were worth $915,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. raised its holdings in Fortinet by 2.2% in the second quarter. BlackRock Inc. now owns 14,157,545 shares of the software maker’s stock valued at $883,856,000 after buying an additional 308,273 shares during the period. Bank of Montreal Can raised its holdings in 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 buying an additional 685,767 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd raised its holdings in Fortinet by 22.7% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,786,803 shares of the software maker’s stock valued at $164,868,000 after buying an additional 330,288 shares during the period. Bank of America Corp DE raised its holdings in Fortinet by 4.9% in the second quarter. Bank of America Corp DE now owns 1,652,926 shares of the software maker’s stock valued at $103,192,000 after buying an additional 76,578 shares during the period. Finally, Schroder Investment Management Group raised its holdings in 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 buying an additional 1,102,708 shares during the period. Hedge funds and other institutional investors own 71.41% of the company’s stock.

Several research firms recently commented on FTNT. Dougherty & Co upgraded shares of Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Monday. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Oppenheimer raised their price target on shares of Fortinet from $70.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, August 2nd. Credit Suisse Group raised their price target on shares of Fortinet from $43.00 to $52.00 and gave the company an “underperform” rating in a report on Thursday, August 2nd. Finally, BMO Capital Markets restated an “outperform” rating and issued a $76.00 price target (up previously from $61.00) on shares of Fortinet in a report on Thursday, August 2nd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $78.32.

FTNT stock opened at $74.87 on Tuesday. Fortinet Inc has a twelve month low of $38.62 and a twelve month high of $94.37. The company has a market cap of $12.27 billion, a PE ratio of 143.98, a P/E/G ratio of 4.49 and a beta of 0.81.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The business had revenue of $453.90 million during the quarter, compared to the consensus estimate of $450.84 million. During the same quarter last year, the company earned $0.28 earnings per share. The business’s quarterly revenue was up 21.3% compared to the same quarter last year. Research analysts expect that Fortinet Inc will post 0.96 EPS for the current fiscal year.

In other news, Director Ming Hsieh sold 7,015 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The shares were 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 at this hyperlink. Also, VP Michael Xie sold 73,780 shares of the firm’s stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $81.71, for a total transaction of $6,028,563.80. Following the sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at approximately $760,638.39. The disclosure for this sale can be found here. Insiders have sold 91,405 shares of company stock valued at $7,445,168 in the last three months. Corporate insiders own 17.70% of the company’s stock.

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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.

See Also: Book Value Per Share – BVPS

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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