Fortinet, Inc. (FTNT) Stake Lowered by Stephens Inc. AR
Stephens Inc. AR cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 41.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,959 shares of the software maker’s stock after selling 7,067 shares during the period. Stephens Inc. AR’s holdings in Fortinet were worth $373,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. First Mercantile Trust Co. bought a new position in shares of Fortinet in the second quarter worth about $136,000. NEXT Financial Group Inc increased its stake in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock worth $163,000 after purchasing an additional 4,324 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Fortinet by 31.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock worth $174,000 after purchasing an additional 1,100 shares during the period. Acadian Asset Management LLC bought a new position in shares of Fortinet in the first quarter worth about $181,000. Finally, Greenwood Capital Associates LLC bought a new position in shares of Fortinet in the second quarter worth about $209,000. Institutional investors and hedge funds own 68.99% of the company’s stock.
A number of research firms have recently commented on FTNT. Evercore ISI set a $38.00 price objective on Fortinet and gave the stock a “hold” rating in a research note on Thursday, July 27th. Dougherty & Co lifted their price objective on Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 price objective on Fortinet and gave the stock a “buy” rating in a research note on Thursday, July 27th. BidaskClub upgraded Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and an average target price of $41.30.
In other news, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the transaction, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 2,091 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the transaction, the vice president now directly owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock worth $348,406 in the last 90 days. Company insiders own 16.40% of the company’s stock.
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Fortinet, Inc. (NASDAQ:FTNT) opened at 38.24 on Thursday. The stock has a 50 day moving average of $37.31 and a 200-day moving average of $38.20. The company has a market cap of $6.72 billion, a PE ratio of 104.77 and a beta of 0.99. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same quarter last year, the business posted $0.14 earnings per share. The company’s quarterly revenue was up 16.7% on a year-over-year basis. On average, equities research analysts predict that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its board has authorized a stock repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Fortinet Company Profile
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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