Sciencast Management LP purchased a new position in shares of Fortinet Inc (NASDAQ:FTNT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,903 shares of the software maker’s stock, valued at approximately $389,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Pacer Advisors Inc. raised its position in Fortinet by 300.6% during the second quarter. Pacer Advisors Inc. now owns 12,085 shares of the software maker’s stock worth $1,659,000 after acquiring an additional 9,068 shares during the period. Weatherly Asset Management L. P. grew its holdings in shares of Fortinet by 157.0% during the second quarter. Weatherly Asset Management L. P. now owns 8,585 shares of the software maker’s stock worth $1,178,000 after buying an additional 5,245 shares in the last quarter. Psagot Investment House Ltd. raised its position in shares of Fortinet by 10.2% in the second quarter. Psagot Investment House Ltd. now owns 5,950 shares of the software maker’s stock valued at $817,000 after buying an additional 550 shares during the last quarter. Atlas Capital Advisors LLC purchased a new position in shares of Fortinet in the second quarter worth about $392,000. Finally, First Quadrant L P CA acquired a new position in Fortinet during the second quarter worth about $106,000. 72.18% of the stock is currently owned by institutional investors.
In other news, VP John Whittle sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $144.83, for a total transaction of $101,381.00. Following the transaction, the vice president now directly owns 1,894 shares in the company, valued at $274,308.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Christopher B. Paisley sold 750 shares of Fortinet stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $144.00, for a total transaction of $108,000.00. Following the completion of the transaction, the director now directly owns 75,412 shares in the company, valued at $10,859,328. The disclosure for this sale can be found here. Insiders have sold a total of 42,728 shares of company stock valued at $5,900,055 in the last 90 days. Insiders own 17.20% of the company’s stock.
FTNT opened at $138.30 on Friday. Fortinet Inc has a one year low of $70.20 and a one year high of $151.95. The company has a market cap of $22.36 billion, a P/E ratio of 64.63, a PEG ratio of 5.15 and a beta of 1.01. The business’s 50-day simple moving average is $136.16 and its 200-day simple moving average is $119.84.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. The firm had revenue of $576.90 million during the quarter, compared to the consensus estimate of $554.22 million. Fortinet had a return on equity of 32.91% and a net margin of 16.44%. The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. Analysts forecast that Fortinet Inc will post 1.92 EPS for the current year.
A number of analysts have commented on FTNT shares. Mizuho reiterated a “hold” rating and issued a $123.00 price objective on shares of Fortinet in a report on Wednesday, May 13th. BidaskClub raised Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, June 24th. Monness Crespi & Hardt lifted their price objective on Fortinet from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Raymond James upped their target price on Fortinet from $115.00 to $133.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Finally, Goldman Sachs Group downgraded Fortinet from a “buy” rating to a “neutral” rating and raised their target price for the stock from $129.00 to $140.00 in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Hold” and a consensus price target of $126.81.
Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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