Bank of the Ozarks Grows Position in Fortinet, Inc. (FTNT)
Bank of the Ozarks increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,220 shares of the software maker’s stock after buying an additional 1,645 shares during the quarter. Bank of the Ozarks’ holdings in Fortinet were worth $1,011,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Voya Investment Management LLC boosted its holdings in Fortinet by 934.3% in the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after purchasing an additional 1,698,526 shares in the last quarter. ETF Managers Group LLC purchased a new stake in Fortinet in the 2nd quarter valued at approximately $40,680,000. BlackRock Inc. boosted its holdings in Fortinet by 6.6% in the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after purchasing an additional 870,061 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Fortinet by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after purchasing an additional 726,300 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its holdings in Fortinet by 66.3% in the 2nd quarter. Pictet Asset Management Ltd. now owns 1,486,700 shares of the software maker’s stock valued at $58,487,000 after purchasing an additional 592,600 shares in the last quarter. 69.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fortinet, Inc. (FTNT) traded up $0.17 on Monday, reaching $39.18. The company’s stock had a trading volume of 389,971 shares, compared to its average volume of 1,492,823. The firm has a market cap of $6,783.85, a P/E ratio of 70.93, a PEG ratio of 4.81 and a beta of 0.91. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. analysts expect that Fortinet, Inc. will post 0.48 EPS for the current year.
Fortinet declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
In other Fortinet news, VP Michael Xie sold 3,585 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the completion of the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at approximately $259,179,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at $48,221.05. The disclosure for this sale can be found here. Insiders sold a total of 7,052 shares of company stock valued at $265,386 over the last quarter. 17.00% of the stock is currently owned by insiders.
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A number of equities research analysts have weighed in on the company. ValuEngine raised Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Evercore ISI reaffirmed a “hold” rating and issued a $38.00 price objective on shares of Fortinet in a report on Friday, October 27th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Tuesday, September 26th. BMO Capital Markets lowered their price objective on Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 27th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a report on Friday, October 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Fortinet has a consensus rating of “Buy” and a consensus price target of $44.00.
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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