Moors & Cabot Inc. trimmed its position in shares of Fortinet Inc (NASDAQ:FTNT) by 9.7% during the third quarter, Holdings Channel reports. The firm owned 11,617 shares of the software maker’s stock after selling 1,242 shares during the quarter. Moors & Cabot Inc.’s holdings in Fortinet were worth $890,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Hartford Investment Management Co. lifted its stake in Fortinet by 0.7% during the second quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock worth $1,255,000 after purchasing an additional 121 shares in the last quarter. World Asset Management Inc raised its stake in shares of Fortinet by 1.6% in the second quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock valued at $722,000 after acquiring an additional 147 shares in the last quarter. Securian Asset Management Inc raised its stake in shares of Fortinet by 1.2% in the second quarter. Securian Asset Management Inc now owns 15,267 shares of the software maker’s stock valued at $1,173,000 after acquiring an additional 182 shares in the last quarter. Cim LLC raised its stake in shares of Fortinet by 2.6% in the third quarter. Cim LLC now owns 7,676 shares of the software maker’s stock valued at $589,000 after acquiring an additional 195 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Fortinet by 4.8% in the second quarter. Rockefeller Capital Management L.P. now owns 4,276 shares of the software maker’s stock valued at $329,000 after acquiring an additional 197 shares in the last quarter. Institutional investors own 70.65% of the company’s stock.
FTNT has been the topic of several analyst reports. Monness Crespi & Hardt reiterated a “buy” rating and issued a $102.00 price objective (up from $97.00) on shares of Fortinet in a research note on Friday, August 2nd. BidaskClub cut Fortinet from a “hold” rating to a “sell” rating in a research note on Wednesday, August 21st. Barclays reiterated a “hold” rating and issued a $99.00 price objective on shares of Fortinet in a research note on Sunday, August 4th. Morgan Stanley increased their price objective on Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird set a $100.00 price objective on Fortinet and gave the company a “hold” rating in a research note on Sunday, September 15th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the stock. Fortinet presently has a consensus rating of “Hold” and a consensus target price of $86.90.
NASDAQ:FTNT opened at $78.06 on Thursday. The firm has a market capitalization of $13.17 billion, a PE ratio of 69.08, a price-to-earnings-growth ratio of 3.86 and a beta of 1.07. The business’s fifty day moving average price is $78.15 and its 200 day moving average price is $81.17. Fortinet Inc has a 12 month low of $64.41 and a 12 month high of $96.96.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.30 by $0.28. The firm had revenue of $521.70 million for 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 for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, equities research analysts anticipate that Fortinet Inc will post 1.43 EPS for the current fiscal year.
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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