Aperio Group LLC Increases Stake in Fortinet, Inc. (FTNT)
Aperio Group LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the second quarter, Holdings Channel reports. The firm owned 28,640 shares of the software maker’s stock after buying an additional 733 shares during the period. Aperio Group LLC’s holdings in Fortinet were worth $1,072,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in FTNT. BlackRock Inc. raised its stake in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares during the period. Vanguard Group Inc. raised its stake in Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after buying an additional 563,667 shares during the period. Clearbridge Investments LLC raised its stake in Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares during the period. State Street Corp raised its stake in Fortinet by 2.7% in the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after buying an additional 118,681 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock worth $165,282,000 after buying an additional 252,158 shares during the period. 71.41% of the stock is owned by institutional investors.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded up 1.25% during trading on Wednesday, reaching $37.27. 243,735 shares of the company traded hands. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 102.11 and a beta of 1.02. The stock’s 50 day moving average is $38.28 and its 200 day moving average is $38.04.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. During the same quarter in the previous year, the business earned $0.14 earnings per share. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts forecast that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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A number of analysts recently weighed in on FTNT shares. ValuEngine lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price objective for the company. BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $46.00 in a research note on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co upped their price objective on shares of Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, April 21st. Finally, Northland Securities started coverage on shares of Fortinet in a research note on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $41.56.
In other Fortinet news, VP John Whittle sold 2,091 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at $260,454.87. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,634 shares of company stock valued at $510,059. 17.00% of the stock is owned by company insiders.
Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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