Great West Life Assurance Co. Can Has $4.58 Million Stake in Fortinet, Inc. (FTNT)
Great West Life Assurance Co. Can boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 122,352 shares of the software maker’s stock after buying an additional 738 shares during the period. Great West Life Assurance Co. Can’s holdings in Fortinet were worth $4,577,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its stake in Fortinet by 8.1% in the second quarter. Janney Montgomery Scott LLC now owns 8,718 shares of the software maker’s stock valued at $326,000 after buying an additional 655 shares in the last quarter. American Capital Management Inc. boosted its stake in Fortinet by 6.6% in the second quarter. American Capital Management Inc. now owns 848,715 shares of the software maker’s stock valued at $31,776,000 after buying an additional 52,455 shares in the last quarter. ING Groep NV purchased a new stake in Fortinet during the second quarter valued at about $247,000. Acadian Asset Management LLC boosted its stake in Fortinet by 110.5% in the second quarter. Acadian Asset Management LLC now owns 9,940 shares of the software maker’s stock valued at $372,000 after buying an additional 5,217 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Fortinet by 29.2% in the second quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock valued at $3,074,000 after buying an additional 18,569 shares in the last quarter. 71.41% of the stock is currently owned by institutional investors.
Fortinet, Inc. (FTNT) opened at 36.81 on Wednesday. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 100.85 and a beta of 1.02. The company has a 50-day moving average of $38.28 and a 200 day moving average of $38.04.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm’s revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 EPS. Equities analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
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Several equities research analysts have issued reports on the stock. ValuEngine raised shares of Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. BidaskClub cut shares of Fortinet from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $42.00 price target on shares of Fortinet in a research note on Friday, July 28th. Cowen and Company reaffirmed a “buy” rating and set a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. Finally, Dougherty & Co raised their price target on shares of Fortinet from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $41.56.
In other news, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the sale, the vice president now directly owns 7,181 shares in the company, valued at approximately $260,454.87. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the sale, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,634 shares of company stock valued at $510,059. 17.00% of the stock is owned by corporate insiders.
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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