Riverhead Capital Management LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 67.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,354 shares of the software maker’s stock after acquiring an additional 3,354 shares during the period. Riverhead Capital Management LLC’s holdings in Fortinet were worth $313,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Oak Ridge Investments LLC lifted its position in Fortinet by 4.2% during the second quarter. Oak Ridge Investments LLC now owns 859,457 shares of the software maker’s stock worth $32,178,000 after acquiring an additional 34,905 shares during the last quarter. Capital Fund Management S.A. lifted its position in Fortinet by 476.6% during the second quarter. Capital Fund Management S.A. now owns 515,538 shares of the software maker’s stock worth $19,302,000 after acquiring an additional 426,127 shares during the last quarter. Wells Fargo & Company MN lifted its position in Fortinet by 16.3% during the second quarter. Wells Fargo & Company MN now owns 1,474,970 shares of the software maker’s stock worth $55,223,000 after acquiring an additional 207,102 shares during the last quarter. Franklin Resources Inc. lifted its position in Fortinet by 20.9% during the second quarter. Franklin Resources Inc. now owns 443,891 shares of the software maker’s stock worth $16,619,000 after acquiring an additional 76,871 shares during the last quarter. Finally, Private Advisor Group LLC lifted its position in Fortinet by 62.5% during the second quarter. Private Advisor Group LLC now owns 15,835 shares of the software maker’s stock worth $610,000 after acquiring an additional 6,093 shares during the last quarter. Hedge funds and other institutional investors own 68.99% of the company’s stock.

Shares of Fortinet, Inc. (NASDAQ FTNT) opened at 37.55 on Tuesday. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56. The company has a market cap of $6.60 billion, a PE ratio of 102.88 and a beta of 0.99. The firm’s 50 day moving average is $37.31 and its 200-day moving average is $38.20.

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 Thomson Reuters’ consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. Equities analysts expect that Fortinet, Inc. will post $0.95 earnings per share for the current year.

Fortinet announced that its board has authorized a stock buyback plan on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

In other news, CAO Keith Jensen sold 950 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now owns 1,315 shares in the company, valued at approximately $48,221.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the sale, the director now owns 66,611 shares in the company, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,558 shares of company stock worth $348,406. Corporate insiders own 17.00% of the company’s stock.

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Several equities research analysts have issued reports on the stock. Cowen and Company restated a “buy” rating and set a $43.00 price objective on shares of Fortinet in a research report on Friday, July 28th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a research report on Thursday, July 27th. Evercore ISI set a $38.00 price target on shares of Fortinet and gave the company a “hold” rating in a research report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus 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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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