Pinebridge Investments L.P. Has $16.24 Million Position in Fortinet Inc (NASDAQ:FTNT)

Pinebridge Investments L.P. increased its stake in Fortinet Inc (NASDAQ:FTNT) by 30.9% in the 2nd quarter, Holdings Channel reports. The firm owned 211,429 shares of the software maker’s stock after purchasing an additional 49,891 shares during the period. Pinebridge Investments L.P.’s holdings in Fortinet were worth $16,244,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Profund Advisors LLC lifted its holdings in shares of Fortinet by 30.2% during the second quarter. Profund Advisors LLC now owns 4,065 shares of the software maker’s stock worth $312,000 after buying an additional 942 shares during the last quarter. Bank of Nova Scotia lifted its holdings in shares of Fortinet by 9.0% during the second quarter. Bank of Nova Scotia now owns 88,308 shares of the software maker’s stock worth $6,785,000 after buying an additional 7,327 shares during the last quarter. Castleark Management LLC lifted its holdings in shares of Fortinet by 49.7% during the second quarter. Castleark Management LLC now owns 5,660 shares of the software maker’s stock worth $435,000 after buying an additional 1,880 shares during the last quarter. APG Asset Management N.V. lifted its holdings in shares of Fortinet by 146.6% during the second quarter. APG Asset Management N.V. now owns 1,265,004 shares of the software maker’s stock worth $85,344,000 after buying an additional 752,100 shares during the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Fortinet by 0.7% during the second quarter. Parametric Portfolio Associates LLC now owns 391,495 shares of the software maker’s stock worth $30,079,000 after buying an additional 2,851 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

In other Fortinet news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the sale, the director now directly owns 75,213 shares in the company, valued at $6,071,193.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $75.23, for a total value of $94,037.50. Following the completion of the sale, the vice president now owns 9,309 shares in the company, valued at $700,316.07. The disclosure for this sale can be found here. Insiders sold 50,250 shares of company stock worth $3,950,598 over the last quarter. Company insiders own 17.20% of the company’s stock.



A number of research analysts have recently commented on the company. Cowen assumed coverage on Fortinet in a report on Thursday, May 23rd. They set a “market perform” rating and a $85.00 price target for the company. ValuEngine lowered Fortinet from a “buy” rating to a “hold” rating in a report on Monday, July 29th. BidaskClub lowered Fortinet from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Morgan Stanley upped their price target on Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Barclays reiterated a “hold” rating and set a $99.00 price target on shares of Fortinet in a report on Sunday, August 4th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $87.96.

Shares of NASDAQ FTNT traded down $0.05 during trading hours on Friday, reaching $78.32. The stock had a trading volume of 36,790 shares, compared to its average volume of 1,248,080. The business’s fifty day moving average is $81.55 and its two-hundred day moving average is $82.54. The company has a market cap of $13.50 billion, a price-to-earnings ratio of 69.35, a PEG ratio of 3.58 and a beta of 1.09. Fortinet Inc has a twelve month low of $64.41 and a twelve month high of $96.96.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.28. The business had revenue of $521.70 million during the quarter, compared to analyst estimates of $511.38 million. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. Fortinet’s revenue was up 18.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. Research analysts predict that Fortinet Inc will post 1.43 earnings per share for the current year.

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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