Guardian Capital LP acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,073 shares of the software maker’s stock, valued at approximately $400,000.
Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Fortinet by 148.6% in the 2nd quarter. FMR LLC now owns 7,416,167 shares of the software maker’s stock worth $419,606,000 after acquiring an additional 4,433,565 shares in the last quarter. Pictet Asset Management SA boosted its holdings in shares of Fortinet by 357.5% in the 2nd quarter. Pictet Asset Management SA now owns 4,302,995 shares of the software maker’s stock worth $243,463,000 after acquiring an additional 3,362,347 shares in the last quarter. TD Asset Management Inc. raised its position in Fortinet by 388.5% in the 2nd quarter. TD Asset Management Inc. now owns 4,013,684 shares of the software maker’s stock worth $227,094,000 after purchasing an additional 3,192,127 shares during the last quarter. Swiss National Bank raised its position in Fortinet by 392.5% in the 2nd quarter. Swiss National Bank now owns 2,964,865 shares of the software maker’s stock worth $167,752,000 after purchasing an additional 2,362,892 shares during the last quarter. Finally, UBS Group AG raised its position in Fortinet by 363.0% in the 2nd quarter. UBS Group AG now owns 2,828,780 shares of the software maker’s stock worth $160,053,000 after purchasing an additional 2,217,817 shares during the last quarter. 65.72% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms recently weighed in on FTNT. Sumitomo Mitsui Financial Group began coverage on shares of Fortinet in a research report on Friday, October 7th. They issued an “outperform” rating and a $70.00 price objective for the company. BTIG Research dropped their price objective on shares of Fortinet from $80.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, November 3rd. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 7th. Atlantic Securities began coverage on shares of Fortinet in a research report on Friday, September 2nd. They issued an “overweight” rating and a $76.00 price objective for the company. Finally, Cantor Fitzgerald began coverage on shares of Fortinet in a research report on Wednesday, September 7th. They issued an “overweight” rating and a $70.00 price objective for the company. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.61.
Fortinet Trading Up 2.0 %
Fortinet (NASDAQ:FTNT – Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The software maker reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.06. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the company earned $0.15 EPS. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. On average, sell-side analysts expect that Fortinet, Inc. will post 0.89 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $55.00, for a total value of $171,875.00. Following the completion of the transaction, the vice president now directly owns 12,876 shares of the company’s stock, valued at approximately $708,180. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 18.60% of the company’s stock.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.
- Get a free copy of the StockNews.com research report on Fortinet (FTNT)
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