Financial Advisors Network Inc. Buys New Stake in Fortinet Inc (NASDAQ:FTNT)
Financial Advisors Network Inc. bought a new stake in Fortinet Inc (NASDAQ:FTNT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,698 shares of the software maker’s stock, valued at approximately $993,000.
A number of other institutional investors have also recently modified their holdings of the stock. Northern Trust Corp increased its holdings in Fortinet by 14.1% during the 4th quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock worth $110,311,000 after purchasing an additional 193,805 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Fortinet by 25.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after purchasing an additional 97,700 shares in the last quarter. Altshuler Shaham Ltd increased its holdings in Fortinet by 2.8% during the 4th quarter. Altshuler Shaham Ltd now owns 1,390,472 shares of the software maker’s stock worth $97,931,000 after purchasing an additional 38,006 shares in the last quarter. BOKF NA increased its holdings in Fortinet by 45.2% during the 4th quarter. BOKF NA now owns 56,431 shares of the software maker’s stock worth $3,975,000 after purchasing an additional 17,574 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its holdings in Fortinet by 9.9% during the 1st quarter. Flagship Harbor Advisors LLC now owns 6,607 shares of the software maker’s stock worth $554,000 after purchasing an additional 593 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.
In related news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total value of $2,817,200.00. Following the transaction, the vice president now owns 6,388,548 shares in the company, valued at $449,945,435.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Whittle sold 3,691 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $87.48, for a total value of $322,888.68. Following the completion of the transaction, the vice president now owns 6,402,500 shares in the company, valued at approximately $560,090,700. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,511 shares of company stock worth $4,865,082. 17.70% of the stock is owned by company insiders.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share 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 for the quarter, compared to the consensus estimate of $471.90 million. During the same quarter in the previous year, the business earned $0.33 EPS. The company’s revenue was up 18.4% compared to the same quarter last year. Research analysts expect that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.
A number of analysts have commented on FTNT shares. Northland Securities reissued a “buy” rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, May 3rd. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 5th. Citigroup lowered Fortinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $84.00 to $78.00 in a report on Friday, May 3rd. Monness Crespi & Hardt reissued a “buy” rating and set a $97.00 price objective (up from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Finally, OTR Global raised Fortinet to a “positive” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the stock. Fortinet presently has a consensus rating of “Hold” and a consensus target price of $85.54.
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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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