Public Employees Retirement Association of Colorado Has $1.20 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)
Public Employees Retirement Association of Colorado increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,938 shares of the software maker’s stock after buying an additional 36 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fortinet were worth $1,196,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of the company. Profund Advisors LLC increased its position in Fortinet by 6.6% in the first quarter. Profund Advisors LLC now owns 21,255 shares of the software maker’s stock valued at $815,000 after buying an additional 1,311 shares during the period. American Capital Management Inc. boosted its stake in Fortinet by 1.7% in the first quarter. American Capital Management Inc. now owns 796,260 shares of the software maker’s stock worth $30,537,000 after buying an additional 13,545 shares in the last quarter. Global Thematic Partners LLC boosted its stake in Fortinet by 8.8% in the first quarter. Global Thematic Partners LLC now owns 1,257,671 shares of the software maker’s stock worth $48,231,000 after buying an additional 101,631 shares in the last quarter. Nationwide Fund Advisors boosted its stake in Fortinet by 85.6% in the first quarter. Nationwide Fund Advisors now owns 452,408 shares of the software maker’s stock worth $17,350,000 after buying an additional 208,677 shares in the last quarter. Finally, Capital Impact Advisors LLC acquired a new stake in Fortinet during the first quarter worth $1,845,000. Institutional investors and hedge funds own 71.41% of the company’s stock.
Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at 37.05 on Tuesday. The company’s 50 day moving average price is $38.31 and its 200-day moving average price is $38.01. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56. The firm has a market capitalization of $6.51 billion, a PE ratio of 101.51 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. Fortinet’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. On average, equities research analysts expect that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a share buyback program on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
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A number of equities research analysts recently weighed in on FTNT shares. ValuEngine cut Fortinet from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Susquehanna Bancshares Inc started coverage on Fortinet in a report on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price target for the company. BMO Capital Markets raised Fortinet from a “market perform” rating to an “outperform” rating and raised their price target for the company from $44.00 to $46.00 in a report on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co raised their price target on Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a report on Friday, April 21st. Finally, Northland Securities started coverage on Fortinet in a report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $41.56.
In other Fortinet news, VP John Whittle sold 2,091 shares of the 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 document filed with the SEC, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total value of $186,352.47. The disclosure for this sale can be found here. Insiders sold 14,258 shares of company stock valued at $535,475 over the last 90 days. 17.00% of the stock is currently owned by company 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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