Stephens Investment Management Group LLC Has $21.24 Million Stock Position in Fortinet Inc (NASDAQ:FTNT)

Stephens Investment Management Group LLC increased its position in shares of Fortinet Inc (NASDAQ:FTNT) by 3.5% in the third quarter, HoldingsChannel reports. The firm owned 276,655 shares of the software maker’s stock after purchasing an additional 9,384 shares during the period. Stephens Investment Management Group LLC’s holdings in Fortinet were worth $21,236,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FTNT. Valeo Financial Advisors LLC increased its position in Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after acquiring an additional 487 shares in the last quarter. Amica Retiree Medical Trust acquired a new stake in Fortinet in the 2nd quarter valued at about $51,000. Employers Holdings Inc. acquired a new stake in Fortinet in the 2nd quarter valued at about $54,000. North Star Investment Management Corp. acquired a new stake in Fortinet in the 3rd quarter valued at about $62,000. Finally, CSat Investment Advisory L.P. increased its position in Fortinet by 207.2% in the 2nd quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock valued at $73,000 after acquiring an additional 636 shares in the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.

Shares of FTNT opened at $77.07 on Monday. Fortinet Inc has a twelve month low of $64.41 and a twelve month high of $96.96. The firm’s 50 day moving average price is $78.36 and its two-hundred day moving average price is $81.37. The firm has a market cap of $13.49 billion, a P/E ratio of 68.20, a PEG ratio of 3.95 and a beta of 1.07.

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

Several research firms have weighed in on FTNT. BidaskClub cut shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target for the company in a research report on Monday, June 24th. Monness Crespi & Hardt reiterated a “buy” rating and set a $102.00 price target (up previously from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. Morgan Stanley lifted their price target on shares of Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird set a $100.00 price objective on shares of Fortinet and gave the stock a “hold” rating in a research note on Sunday, September 15th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the company’s stock. Fortinet currently has an average rating of “Hold” and an average target price of $86.90.

In other news, Director Christopher B. Paisley sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total value of $80,720.00. Following the sale, the director now owns 75,213 shares of the company’s stock, valued at $6,071,193.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares in the company, valued at approximately $495,265,210.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,000 shares of company stock worth $3,856,560. Insiders own 17.20% of the company’s stock.

About Fortinet

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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