Fortinet, Inc. (FTNT) Position Lifted by Ameriprise Financial Inc.
Ameriprise Financial Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,400,011 shares of the software maker’s stock after acquiring an additional 288,097 shares during the quarter. Ameriprise Financial Inc. owned about 2.53% of Fortinet worth $157,693,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of FTNT. First Mercantile Trust Co. bought a new stake in Fortinet in the 2nd quarter valued at $136,000. GLG Partners LP bought a new stake in Fortinet in the 2nd quarter valued at $145,000. Ropes Wealth Advisors LLC boosted its stake in Fortinet by 67.3% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. Greenwood Capital Associates LLC bought a new stake in Fortinet in the 2nd quarter valued at $209,000. Finally, Cigna Investments Inc. New bought a new stake in Fortinet in the 2nd quarter valued at $211,000. 68.44% of the stock is currently owned by institutional investors and hedge funds.
In other Fortinet news, Director Ming Hsieh sold 5,332 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the transaction, the director now owns 331 shares of the company’s stock, valued at approximately $13,120.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the transaction, the director now directly owns 72,606 shares of the company’s stock, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Insiders have sold a total of 19,606 shares of company stock valued at $775,806 in the last three months. 16.40% of the stock is owned by insiders.
Shares of Fortinet, Inc. (NASDAQ FTNT) opened at $41.91 on Friday. Fortinet, Inc. has a 1 year low of $28.50 and a 1 year high of $42.08. The firm has a market capitalization of $7,263.81, a price-to-earnings ratio of 75.94, a PEG ratio of 5.15 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same quarter in the previous year, the firm earned $0.18 EPS. Fortinet’s revenue was up 18.2% on a year-over-year basis. equities analysts expect that Fortinet, Inc. will post 0.48 EPS for the current year.
Fortinet declared that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the software maker to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Several analysts recently issued reports on FTNT shares. Piper Jaffray Companies set a $50.00 price target on Fortinet and gave the company a “buy” rating in a research note on Friday, August 25th. Credit Suisse Group started coverage on Fortinet in a research note on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price target for the company. UBS AG boosted their price target on Fortinet from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Deutsche Bank AG upgraded Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the company from $36.00 to $48.00 in a research note on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Fortinet has an average rating of “Buy” and an average price target of $44.26.
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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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