Segantii Capital Management Ltd Has $2,018,000 Position in Fortinet, Inc. (FTNT)
Segantii Capital Management Ltd maintained its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, Holdings Channel reports. The fund owned 53,910 shares of the software maker’s stock at the end of the second quarter. Fortinet comprises 0.5% of Segantii Capital Management Ltd’s holdings, making the stock its 29th largest position. Segantii Capital Management Ltd’s holdings in Fortinet were worth $2,018,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock worth $505,365,000 after buying an additional 12,996,236 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of Fortinet during the first quarter worth approximately $77,398,000. Marshall Wace North America L.P. purchased a new stake in shares of Fortinet during the first quarter worth approximately $77,398,000. Clearbridge Investments LLC boosted its stake in shares of Fortinet by 27.7% in the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock worth $323,742,000 after buying an additional 1,831,096 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after buying an additional 1,177,300 shares in the last quarter. Hedge funds and other institutional investors own 72.98% of the company’s stock.
Fortinet, Inc. (NASDAQ:FTNT) opened at 36.70 on Thursday. The stock has a 50 day moving average of $38.43 and a 200-day moving average of $37.89. The firm has a market cap of $6.45 billion, a P/E ratio of 100.55 and a beta of 1.02. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same period last year, the business earned $0.14 earnings per share. The business’s quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts predict that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its board has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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Several equities analysts have recently weighed in on FTNT shares. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Friday, July 7th. Dougherty & Co increased their price objective on shares of Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Vetr raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research report on Monday, April 24th. OTR Global raised shares of Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Finally, BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $46.00 in a research report on Friday, April 21st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $41.56.
In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were 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. In the last three months, insiders have sold 14,258 shares of company stock valued at $535,475. Insiders own 16.40% of the company’s stock.
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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