Karp Capital Management Corp grew its position in Fortinet Inc (NASDAQ:FTNT) by 4,036.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,445 shares of the software maker’s stock after buying an additional 13,120 shares during the quarter. Karp Capital Management Corp’s holdings in Fortinet were worth $1,129,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Tarbox Family Office Inc. purchased a new stake in Fortinet during the 4th quarter worth about $25,000. Legacy Advisors LLC purchased a new stake in Fortinet during the 1st quarter worth about $30,000. Sun Life Financial INC purchased a new stake in Fortinet during the 4th quarter worth about $28,000. Guardian Life Insurance Co. of America purchased a new stake in Fortinet during the 4th quarter worth about $29,000. Finally, Bremer Trust National Association purchased a new stake in Fortinet during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 70.88% of the company’s stock.
A number of analysts recently commented on FTNT shares. BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Wednesday, February 6th. BMO Capital Markets lowered Fortinet from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $90.00 to $78.00 in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. OTR Global lowered Fortinet to a “positive” rating in a research note on Friday, January 18th. Finally, Oppenheimer raised their price target on Fortinet from $88.00 to $97.00 and gave the stock an “outperform” rating in a research note on Thursday, February 7th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $85.13.
Shares of NASDAQ FTNT traded up $0.45 during midday trading on Wednesday, hitting $81.65. The stock had a trading volume of 29,702 shares, compared to its average volume of 1,794,613. The firm has a market capitalization of $13.87 billion, a P/E ratio of 72.20, a P/E/G ratio of 4.04 and a beta of 0.93. Fortinet Inc has a 1-year low of $57.76 and a 1-year high of $96.96.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.26. The business had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The company’s revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 EPS. On average, equities analysts expect that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.
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Fortinet Company 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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