Nicholas Investment Partners LP bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 81,349 shares of the software maker’s stock, valued at approximately $3,045,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC lifted its stake in shares of Fortinet by 2.7% in the 2nd quarter. Mutual of America Capital Management LLC now owns 121,062 shares of the software maker’s stock valued at $4,533,000 after acquiring an additional 3,232 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of Fortinet by 4.8% in the 2nd quarter. New York State Common Retirement Fund now owns 508,307 shares of the software maker’s stock valued at $19,031,000 after acquiring an additional 23,071 shares during the last quarter. Thrivent Financial For Lutherans lifted its stake in shares of Fortinet by 6.2% in the 2nd quarter. Thrivent Financial For Lutherans now owns 412,407 shares of the software maker’s stock valued at $15,440,000 after acquiring an additional 24,090 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Fortinet by 5.6% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,506,653 shares of the software maker’s stock valued at $56,409,000 after acquiring an additional 80,295 shares during the last quarter. Finally, Laurion Capital Management LP lifted its stake in shares of Fortinet by 12.9% in the 2nd quarter. Laurion Capital Management LP now owns 17,500 shares of the software maker’s stock valued at $655,000 after acquiring an additional 2,000 shares during the last quarter. 68.99% of the stock is owned by institutional investors.

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Shares of Fortinet, Inc. (FTNT) traded down 0.31% during mid-day trading on Wednesday, hitting $38.42. The stock had a trading volume of 79,700 shares. Fortinet, Inc. has a 52-week low of $28.50 and a 52-week high of $41.56. The stock has a market cap of $6.76 billion, a P/E ratio of 105.26 and a beta of 0.99. The company’s 50 day moving average is $37.31 and its 200-day moving average is $38.20.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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 company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue was up 16.7% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. On average, equities research analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.

Fortinet declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the software maker to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

In related news, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction that occurred 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 $260,454.87. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Keith Jensen sold 950 shares of Fortinet stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the transaction, the chief accounting officer now directly owns 1,315 shares in the company, valued at $48,221.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,558 shares of company stock worth $348,406. 17.00% of the stock is currently owned by corporate insiders.

A number of brokerages recently issued reports on FTNT. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $45.00 price target on shares of Fortinet in a report on Monday. ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Monness Crespi & Hardt began coverage on Fortinet in a report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price target on the stock. Stifel Nicolaus restated a “hold” rating and set a $42.00 price target on shares of Fortinet in a report on Tuesday, September 12th. Finally, Cowen and Company restated a “buy” rating and set a $43.00 price target on shares of Fortinet in a report on Friday, September 8th. Two 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. The stock currently has an average rating of “Buy” and an average price target of $41.30.

About Fortinet

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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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