Raymond James Financial Services Advisors Inc. Has $1.09 Million Holdings in Fortinet Inc (FTNT)
Raymond James Financial Services Advisors Inc. raised its position in Fortinet Inc (NASDAQ:FTNT) by 130.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,399 shares of the software maker’s stock after buying an additional 9,864 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Fortinet were worth $1,086,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of FTNT. Blue Harbour Group L.P. purchased a new position in Fortinet in the 1st quarter valued at about $146,798,000. Bank of Montreal Can boosted its position in Fortinet by 51.0% in the 2nd quarter. Bank of Montreal Can now owns 2,031,225 shares of the software maker’s stock valued at $126,808,000 after buying an additional 685,767 shares during the last quarter. Contour Asset Management LLC purchased a new position in Fortinet in the 1st quarter valued at about $35,733,000. Park West Asset Management LLC purchased a new position in Fortinet in the 1st quarter valued at about $24,256,000. Finally, Legal & General Group Plc boosted its position in Fortinet by 171.7% in the 1st quarter. Legal & General Group Plc now owns 624,314 shares of the software maker’s stock valued at $33,451,000 after buying an additional 394,553 shares during the last quarter. 73.00% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on the stock. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Thursday. ValuEngine upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research note on Friday, August 3rd. Morgan Stanley upped their target price on shares of Fortinet from $55.00 to $67.00 and gave the company a “hold” rating in a research note on Friday, August 3rd. Finally, Bank of America upped their target price on shares of Fortinet from $70.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Fortinet presently has a consensus rating of “Buy” and a consensus price target of $66.14.
FTNT opened at $80.39 on Friday. The stock has a market cap of $13.15 billion, a P/E ratio of 103.63, a price-to-earnings-growth ratio of 4.81 and a beta of 0.55. Fortinet Inc has a fifty-two week low of $35.44 and a fifty-two week high of $80.70.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.22. The firm had revenue of $441.30 million for the quarter, compared to analyst estimates of $425.66 million. Fortinet had a net margin of 5.43% and a return on equity of 17.51%. Fortinet’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. analysts expect that Fortinet Inc will post 0.96 EPS for the current year.
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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