Nomura Asset Management Co. Ltd. Invests $1.32 Million in Fortinet, Inc. (FTNT) Stock
Nomura Asset Management Co. Ltd. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 36,700 shares of the software maker’s stock, valued at approximately $1,315,000.
A number of other large investors have also made changes to their positions in the business. D.A. Davidson & CO. grew its stake in Fortinet by 1.1% in the 2nd quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock valued at $388,000 after purchasing an additional 114 shares during the period. Flagship Harbor Advisors LLC grew its stake in Fortinet by 2.7% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock valued at $288,000 after purchasing an additional 200 shares during the period. TRUE Private Wealth Advisors grew its stake in Fortinet by 3.4% in the 2nd quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock valued at $241,000 after purchasing an additional 211 shares during the period. KCM Investment Advisors LLC grew its stake in Fortinet by 4.2% in the 2nd quarter. KCM Investment Advisors LLC now owns 9,990 shares of the software maker’s stock valued at $374,000 after purchasing an additional 400 shares during the period. Finally, Pinnacle Associates Ltd. grew its stake in shares of Fortinet by 6.3% during the 2nd quarter. Pinnacle Associates Ltd. now owns 7,755 shares of the software maker’s stock worth $290,000 after acquiring an additional 460 shares during the period. Hedge funds and other institutional investors own 70.76% of the company’s stock.
In related news, insider Keith Jensen sold 1,850 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00. Following the sale, the insider now owns 1,374 shares of the company’s stock, valued at approximately $53,860.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $41.95, for a total value of $1,678,000.00. Following the sale, the vice president now directly owns 6,692,200 shares in the company, valued at approximately $280,737,790. The disclosure for this sale can be found here. Insiders have sold a total of 59,606 shares of company stock worth $2,453,806 in the last three months. 16.40% of the stock is currently owned by insiders.
FTNT has been the subject of several research reports. KeyCorp reiterated a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Tuesday, October 24th. BMO Capital Markets reiterated a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Thursday, October 5th. Cowen reiterated a “buy” rating and set a $43.00 price target on shares of Fortinet in a research note on Friday, September 8th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday, September 26th. Finally, Deutsche Bank upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $36.00 to $48.00 in a research note on Wednesday, October 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Fortinet has an average rating of “Buy” and a consensus price target of $44.55.
Shares of Fortinet, Inc. (FTNT) opened at $43.64 on Friday. The stock has a market capitalization of $7,416.84, a PE ratio of 77.54, a P/E/G ratio of 5.26 and a beta of 0.92. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $43.80.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $374.20 million for the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 EPS. analysts anticipate that Fortinet, Inc. will post 0.48 earnings per share for the current year.
Fortinet announced that its board has authorized a stock repurchase plan on Thursday, October 26th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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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