Cito Capital Group LLC Buys 1,000 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cito Capital Group LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 50.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,000 shares of the software maker’s stock after purchasing an additional 1,000 shares during the period. Cito Capital Group LLC’s holdings in Fortinet were worth $876,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortinet by 19.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,529,520 shares of the software maker’s stock valued at $2,746,216,000 after purchasing an additional 1,889,386 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Fortinet by 2.1% during the 3rd quarter. BlackRock Inc. now owns 11,207,068 shares of the software maker’s stock valued at $3,272,913,000 after purchasing an additional 226,200 shares in the last quarter. State Street Corp lifted its holdings in shares of Fortinet by 1.3% during the 2nd quarter. State Street Corp now owns 5,257,109 shares of the software maker’s stock valued at $1,252,191,000 after purchasing an additional 66,806 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Fortinet by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,864,862 shares of the software maker’s stock valued at $1,158,762,000 after purchasing an additional 397,579 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Fortinet by 4.6% during the 2nd quarter. Geode Capital Management LLC now owns 2,767,923 shares of the software maker’s stock valued at $657,951,000 after purchasing an additional 121,386 shares in the last quarter. Institutional investors and hedge funds own 67.27% of the company’s stock.

FTNT has been the topic of several research reports. The Goldman Sachs Group boosted their target price on Fortinet from $335.00 to $380.00 and gave the company a “buy” rating in a research note on Friday, November 5th. Mizuho boosted their target price on Fortinet from $310.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, November 5th. Stifel Nicolaus initiated coverage on Fortinet in a research note on Tuesday, September 21st. They issued a “buy” rating and a $355.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $293.00 to $320.00 and gave the company a “hold” rating in a research note on Monday, November 8th. Finally, Royal Bank of Canada boosted their target price on Fortinet from $248.00 to $347.00 and gave the company a “sector perform” rating in a research note on Friday, November 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $325.05.

Shares of FTNT stock traded up $2.81 during trading on Friday, reaching $310.69. 19,568 shares of the company’s stock were exchanged, compared to its average volume of 1,734,358. The company has a quick ratio of 1.72, a current ratio of 1.80 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $50.80 billion, a PE ratio of 92.88, a PEG ratio of 6.39 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $143.63 and a twelve month high of $371.77. The firm’s fifty day moving average price is $332.55 and its 200-day moving average price is $308.54.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 4th. The software maker reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.05. The business had revenue of $867.20 million for the quarter, compared to analyst estimates of $812.21 million. Fortinet had a return on equity of 47.46% and a net margin of 17.74%. The firm’s revenue was up 33.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.58 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.85 EPS for the current fiscal year.

In related news, VP John Whittle sold 2,410 shares of the business’s stock in a transaction on Thursday, October 21st. The stock was sold at an average price of $331.47, for a total value of $798,842.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 2,088 shares of the business’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $327.80, for a total value of $684,446.40. The disclosure for this sale can be found here. Insiders sold a total of 18,863 shares of company stock valued at $6,257,004 over the last 90 days. 18.60% of the stock is currently owned by corporate insiders.

Fortinet Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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