Checchi Capital Advisers LLC Purchases 3,672 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Checchi Capital Advisers LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 505.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 4,399 shares of the software maker’s stock after purchasing an additional 3,672 shares during the period. Checchi Capital Advisers LLC’s holdings in Fortinet were worth $262,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in FTNT. Pictet Asset Management SA grew its holdings in shares of Fortinet by 357.5% in the second quarter. Pictet Asset Management SA now owns 4,302,995 shares of the software maker’s stock worth $243,463,000 after purchasing an additional 3,362,347 shares during the last quarter. TD Asset Management Inc. boosted its holdings in Fortinet by 388.5% in the second quarter. TD Asset Management Inc. now owns 4,013,684 shares of the software maker’s stock valued at $227,094,000 after acquiring an additional 3,192,127 shares in the last quarter. Swiss National Bank boosted its holdings in Fortinet by 392.5% in the second quarter. Swiss National Bank now owns 2,964,865 shares of the software maker’s stock valued at $167,752,000 after acquiring an additional 2,362,892 shares in the last quarter. UBS Group AG boosted its holdings in Fortinet by 363.0% in the second quarter. UBS Group AG now owns 2,828,780 shares of the software maker’s stock valued at $160,053,000 after acquiring an additional 2,217,817 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Fortinet by 346.4% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,627,130 shares of the software maker’s stock valued at $148,643,000 after acquiring an additional 2,038,570 shares in the last quarter. Institutional investors own 65.72% of the company’s stock.

Fortinet Trading Up 2.0 %

Shares of NASDAQ:FTNT opened at $53.35 on Thursday. The stock has a 50 day moving average of $51.82 and a 200 day moving average of $55.94. The company has a market cap of $41.68 billion, a PE ratio of 58.89, a price-to-earnings-growth ratio of 3.25 and a beta of 1.16. The company has a current ratio of 1.07, a quick ratio of 1.00 and a debt-to-equity ratio of 4.24. Fortinet, Inc. has a 12-month low of $42.61 and a 12-month high of $74.35.

Fortinet (NASDAQ:FTNTGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.06. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The firm’s revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 0.89 EPS for the current year.

Insider Activity at Fortinet

In related news, VP John Whittle sold 3,125 shares of the business’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the completion of the transaction, the vice president now directly owns 12,876 shares in the company, valued at approximately $708,180. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 18.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Oppenheimer cut their price target on shares of Fortinet from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Barclays cut their price target on shares of Fortinet from $77.00 to $65.00 in a report on Tuesday, October 11th. MKM Partners assumed coverage on shares of Fortinet in a report on Thursday, September 15th. They issued a “buy” rating and a $70.00 price target on the stock. BMO Capital Markets lowered their price objective on Fortinet from $68.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, November 3rd. Finally, Robert W. Baird reissued an “outperform” rating and set a $70.00 price objective on shares of Fortinet in a research report on Wednesday, October 19th. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Moderate Buy” and an average price target of $67.61.

About Fortinet

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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