Tower Research Capital LLC TRC increased its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 355.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 7,349 shares of the software maker’s stock after purchasing an additional 5,736 shares during the period. Tower Research Capital LLC TRC’s holdings in Fortinet were worth $678,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Architects Inc acquired a new position in shares of Fortinet during the 3rd quarter worth about $116,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Fortinet by 379.0% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,619 shares of the software maker’s stock worth $149,000 after purchasing an additional 1,281 shares during the last quarter. Dynasty Wealth Management LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $208,000. IBM Retirement Fund acquired a new position in shares of Fortinet during the 3rd quarter worth about $208,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Fortinet during the 3rd quarter worth about $213,000. 70.34% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on FTNT. Zacks Investment Research reaffirmed a “buy” rating and issued a $84.00 price target on shares of Fortinet in a report on Tuesday, November 13th. Robert W. Baird reaffirmed a “neutral” rating on shares of Fortinet in a report on Thursday, October 18th. BidaskClub cut Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Monness Crespi & Hardt upped their price target on Fortinet from $76.00 to $91.00 and gave the company a “buy” rating in a report on Friday, November 2nd. Finally, ValuEngine cut Fortinet from a “strong-buy” rating to a “buy” rating in a report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Fortinet presently has an average rating of “Hold” and a consensus price target of $78.77.
In related news, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $65.77, for a total transaction of $65,770.00. Following the sale, the director now directly owns 74,621 shares in the company, valued at approximately $4,907,823.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter Dale Jr. Cohen sold 2,000 shares of the stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $74.26, for a total value of $148,520.00. Following the sale, the director now owns 3,467 shares in the company, valued at $257,459.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,590 shares of company stock valued at $6,986,929. 17.70% of the stock is currently owned by insiders.
Shares of FTNT opened at $74.75 on Friday. Fortinet Inc has a 1 year low of $41.04 and a 1 year high of $94.37. The company has a market capitalization of $12.50 billion, a PE ratio of 143.75, a P/E/G ratio of 4.28 and a beta of 0.86.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.04. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. The business had revenue of $453.90 million during the quarter, compared to analysts’ expectations of $450.84 million. During the same period in the prior year, the firm posted $0.28 EPS. Fortinet’s quarterly revenue was up 21.3% compared to the same quarter last year. Research analysts predict that Fortinet Inc will post 1.02 earnings per share for the current 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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