Marvin & Palmer Associates Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 51,350 shares of the software maker’s stock, valued at approximately $12,231,000. Fortinet accounts for about 5.0% of Marvin & Palmer Associates Inc.’s holdings, making the stock its 5th largest position.
Several other hedge funds have also added to or reduced their stakes in FTNT. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in shares of Fortinet in the second quarter valued at about $33,000. TCI Wealth Advisors Inc. grew its stake in shares of Fortinet by 33.0% in the second quarter. TCI Wealth Advisors Inc. now owns 141 shares of the software maker’s stock valued at $34,000 after acquiring an additional 35 shares in the last quarter. Jacobi Capital Management LLC grew its stake in shares of Fortinet by 102.2% in the first quarter. Jacobi Capital Management LLC now owns 188 shares of the software maker’s stock valued at $35,000 after acquiring an additional 95 shares in the last quarter. Ameritas Investment Company LLC bought a new stake in Fortinet during the first quarter worth about $44,000. Finally, Harbour Investments Inc. bought a new stake in Fortinet during the first quarter worth about $51,000. Institutional investors and hedge funds own 68.50% of the company’s stock.
Several research firms recently weighed in on FTNT. Royal Bank of Canada upped their price objective on shares of Fortinet from $208.00 to $248.00 and gave the stock a “sector perform” rating in a research report on Friday, July 30th. BMO Capital Markets increased their target price on shares of Fortinet from $300.00 to $335.00 and gave the stock a “market perform” rating in a report on Thursday, September 16th. Piper Sandler increased their target price on shares of Fortinet from $205.00 to $265.00 and gave the stock a “neutral” rating in a report on Friday, July 9th. Wedbush increased their target price on shares of Fortinet from $310.00 to $350.00 and gave the stock an “outperform” rating in a report on Monday, August 30th. Finally, Cowen increased their target price on shares of Fortinet from $335.00 to $385.00 and gave the stock an “outperform” rating in a report on Tuesday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $248.48.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 29th. The software maker reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.07. Fortinet had a return on equity of 49.90% and a net margin of 17.69%. The company had revenue of $801.10 million for the quarter, compared to analysts’ expectations of $741.76 million. During the same period last year, the business earned $0.82 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.84 EPS for the current year.
In other news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $301.27, for a total transaction of $12,050,800.00. Following the sale, the vice president now directly owns 5,978,451 shares in the company, valued at approximately $1,801,127,932.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 7,992 shares of Fortinet stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $301.31, for a total value of $2,408,069.52. Following the completion of the sale, the chief financial officer now directly owns 3,342 shares of the company’s stock, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,491 shares of company stock worth $15,774,137. Company insiders own 18.60% of the company’s stock.
Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.
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