Invictus RG Acquires New Holdings in Fortinet Inc (FTNT)
Invictus RG acquired a new stake in shares of Fortinet Inc (NASDAQ:FTNT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,953 shares of the software maker’s stock, valued at approximately $642,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wedbush Securities Inc. bought a new position in shares of Fortinet in the third quarter worth approximately $328,000. Ibex Investors LLC bought a new position in Fortinet during the third quarter valued at approximately $223,000. Riverhead Capital Management LLC grew its position in Fortinet by 201.6% during the third quarter. Riverhead Capital Management LLC now owns 35,156 shares of the software maker’s stock valued at $3,244,000 after acquiring an additional 23,500 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Fortinet by 355.6% during the third quarter. Tower Research Capital LLC TRC now owns 7,349 shares of the software maker’s stock valued at $678,000 after acquiring an additional 5,736 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in Fortinet by 556.5% during the third quarter. Allianz Asset Management GmbH now owns 763,347 shares of the software maker’s stock valued at $70,434,000 after acquiring an additional 647,069 shares during the last quarter. 70.34% of the stock is currently owned by institutional investors and hedge funds.
In other Fortinet news, Director Christopher B. Paisley sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $65.77, for a total transaction of $65,770.00. Following the completion of the transaction, the director now owns 74,621 shares of the company’s stock, valued at $4,907,823.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 1,350 shares of the firm’s stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $78.26, for a total value of $105,651.00. Following the transaction, the chief financial officer now directly owns 1,745 shares of the company’s stock, valued at approximately $136,563.70. The disclosure for this sale can be found here. Insiders have sold 93,605 shares of company stock valued at $7,586,711 in the last three months. Insiders own 17.70% of the company’s stock.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. The company had revenue of $453.90 million during the quarter, compared to analyst estimates of $450.84 million. During the same quarter last year, the firm posted $0.28 earnings per share. The firm’s revenue was up 21.3% on a year-over-year basis. As a group, analysts expect that Fortinet Inc will post 1.02 EPS for the current fiscal year.
A number of research analysts have commented on the stock. Zacks Investment Research reiterated a “buy” rating and set a $84.00 price target on shares of Fortinet in a research report on Tuesday, November 13th. Robert W. Baird reissued a “neutral” rating on shares of Fortinet in a research note on Thursday, October 18th. BidaskClub lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Monness Crespi & Hardt increased their price objective on Fortinet from $76.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, November 2nd. Finally, ValuEngine lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 2nd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $78.77.
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Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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