2,939 Shares in Fortinet Inc (NASDAQ:FTNT) Purchased by GAM Holding AG
GAM Holding AG acquired a new stake in shares of Fortinet Inc (NASDAQ:FTNT) during the first quarter, according to its most recent filing with the SEC. The fund acquired 2,939 shares of the software maker’s stock, valued at approximately $247,000.
Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc increased its stake in Fortinet by 2.9% in the 3rd quarter. Vanguard Group Inc now owns 13,884,993 shares of the software maker’s stock worth $1,281,168,000 after acquiring an additional 394,636 shares during the last quarter. BlackRock Inc. increased its stake in Fortinet by 4.0% in the 1st quarter. BlackRock Inc. now owns 10,830,955 shares of the software maker’s stock worth $909,477,000 after acquiring an additional 411,632 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Fortinet by 3,990.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock worth $47,000 after acquiring an additional 3,204,555 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in Fortinet by 3.2% in the 1st quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,682,806 shares of the software maker’s stock worth $225,275,000 after acquiring an additional 83,797 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Fortinet by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after acquiring an additional 787,230 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.
A number of equities analysts have weighed in on FTNT shares. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Mizuho started coverage on Fortinet in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $90.00 target price on the stock. Zacks Investment Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 9th. OTR Global upgraded Fortinet to a “positive” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus upped their target price on Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have issued a buy rating to the company’s stock. Fortinet presently has a consensus rating of “Hold” and a consensus target price of $85.54.
FTNT opened at $75.71 on Friday. Fortinet Inc has a 12-month low of $61.08 and a 12-month high of $96.96. The stock has a market capitalization of $12.93 billion, a PE ratio of 63.09, a PEG ratio of 3.85 and a beta of 1.13.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same period in the prior year, the business earned $0.33 EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.
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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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