Sciencast Management LP Invests $389,000 in Fortinet Inc (NASDAQ:FTNT)

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 Profile

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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