Great Lakes Advisors LLC Has $3.86 Million Position in Fortinet (FTNT)

Great Lakes Advisors LLC lifted its stake in shares of Fortinet (NASDAQ:FTNT) by 35.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 72,091 shares of the software maker’s stock after buying an additional 18,972 shares during the period. Great Lakes Advisors LLC’s holdings in Fortinet were worth $3,863,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FTNT. Dimensional Fund Advisors LP boosted its position in shares of Fortinet by 3.0% during the third quarter. Dimensional Fund Advisors LP now owns 267,772 shares of the software maker’s stock valued at $9,597,000 after buying an additional 7,856 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Fortinet by 59.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 45,154 shares of the software maker’s stock valued at $1,973,000 after buying an additional 16,855 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Fortinet by 241.9% during the fourth quarter. Bank of Montreal Can now owns 310,871 shares of the software maker’s stock valued at $13,582,000 after buying an additional 219,955 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Fortinet by 6.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 486,700 shares of the software maker’s stock valued at $21,264,000 after buying an additional 29,024 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Fortinet by 113.6% during the fourth quarter. Acadian Asset Management LLC now owns 49,346 shares of the software maker’s stock valued at $2,155,000 after buying an additional 26,242 shares during the last quarter. 69.53% of the stock is currently owned by institutional investors.

Several research analysts recently issued reports on the company. Bank of America lifted their target price on Fortinet from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, May 4th. Morgan Stanley set a $55.00 target price on Fortinet and gave the company a “hold” rating in a research report on Friday, May 4th. Credit Suisse Group lifted their target price on Fortinet from $37.00 to $43.00 and gave the company an “underperform” rating in a research report on Friday, May 4th. Deutsche Bank lifted their target price on Fortinet from $47.00 to $61.00 and gave the company a “hold” rating in a research report on Friday, May 4th. Finally, Stifel Nicolaus lifted their target price on Fortinet from $46.00 to $60.00 and gave the company a “hold” rating in a research report on Friday, May 4th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $54.61.



Shares of FTNT opened at $60.38 on Monday. The firm has a market capitalization of $10.15 billion, a price-to-earnings ratio of 116.12, a PEG ratio of 4.28 and a beta of 0.75. Fortinet has a 1 year low of $35.44 and a 1 year high of $60.57.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.09. The firm had revenue of $399.00 million for the quarter, compared to analyst estimates of $390.60 million. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The business’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. equities research analysts predict that Fortinet will post 0.84 EPS for the current year.

In other Fortinet news, Director Judith Sim sold 7,500 shares of the business’s stock in a transaction on Thursday, May 10th. The stock was sold at an average price of $60.05, for a total value of $450,375.00. Following the sale, the director now directly owns 11,250 shares in the company, valued at $675,562.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John Whittle sold 679 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $48.69, for a total value of $33,060.51. Following the completion of the sale, the vice president now owns 8,684 shares in the company, valued at $422,823.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,593 shares of company stock worth $1,734,984. Corporate insiders own 17.00% of the company’s stock.

About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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