Rafferty Asset Management LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 348.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,947 shares of the software maker’s stock after acquiring an additional 180,273 shares during the period. Rafferty Asset Management LLC’s holdings in Fortinet were worth $13,124,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. FMR LLC increased its position in shares of Fortinet by 148.6% during the second quarter. FMR LLC now owns 7,416,167 shares of the software maker’s stock worth $419,606,000 after acquiring an additional 4,433,565 shares in the last quarter. Korea Investment CORP boosted its holdings in Fortinet by 810.8% during the second quarter. Korea Investment CORP now owns 407,120 shares of the software maker’s stock worth $23,035,000 after purchasing an additional 362,420 shares during the last quarter. Prudential PLC boosted its holdings in Fortinet by 349.1% during the second quarter. Prudential PLC now owns 55,720 shares of the software maker’s stock worth $3,153,000 after purchasing an additional 43,312 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in Fortinet by 237.6% during the second quarter. Public Sector Pension Investment Board now owns 64,080 shares of the software maker’s stock worth $3,626,000 after purchasing an additional 45,099 shares during the last quarter. Finally, Andar Capital Management HK Ltd acquired a new position in Fortinet during the second quarter worth $4,979,000. Institutional investors own 65.72% of the company’s stock.
Analysts Set New Price Targets
Several research analysts recently commented on the stock. Barclays reduced their target price on shares of Fortinet from $77.00 to $65.00 in a report on Tuesday, October 11th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 7th. Evercore ISI cut their target price on shares of Fortinet to $75.00 in a research note on Tuesday, August 9th. Cantor Fitzgerald initiated coverage on shares of Fortinet in a research note on Wednesday, September 7th. They set an “overweight” rating and a $70.00 target price for the company. Finally, Royal Bank of Canada cut their target price on shares of Fortinet from $69.00 to $57.00 and set a “sector perform” rating for the company in a research note on Thursday, November 3rd. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.61.
Insider Buying and Selling
Fortinet Price Performance
Shares of FTNT traded up $1.07 during mid-day trading on Thursday, reaching $53.35. The company had a trading volume of 2,997,239 shares, compared to its average volume of 6,364,473. The company’s 50 day simple moving average is $51.82 and its 200 day simple moving average is $55.94. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.00 and a current ratio of 1.07. Fortinet, Inc. has a 1-year low of $42.61 and a 1-year high of $74.35. The company has a market capitalization of $41.68 billion, a price-to-earnings ratio of 58.89, a P/E/G ratio of 3.25 and a beta of 1.16.
Fortinet (NASDAQ:FTNT – Get Rating) last posted its earnings results on Wednesday, November 2nd. The software maker reported $0.33 EPS for the quarter, topping the consensus estimate of $0.27 by $0.06. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the company earned $0.15 EPS. The firm’s revenue was up 32.6% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post 0.89 EPS for the current year.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.
- Get a free copy of the StockNews.com research report on Fortinet (FTNT)
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