SG Americas Securities LLC boosted its position in Fortinet Inc (NASDAQ:FTNT) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,960 shares of the software maker’s stock after buying an additional 3,876 shares during the quarter. SG Americas Securities LLC’s holdings in Fortinet were worth $3,835,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in FTNT. Valeo Financial Advisors LLC raised its position in Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after buying an additional 487 shares during the last quarter. CENTRAL TRUST Co acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $45,000. Amica Retiree Medical Trust acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $51,000. Employers Holdings Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $54,000. Finally, North Star Investment Management Corp. acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $62,000. 70.30% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts have weighed in on FTNT shares. ValuEngine lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Deutsche Bank set a $97.00 price target on Fortinet and gave the stock a “hold” rating in a research report on Friday, November 1st. Evercore ISI set a $90.00 price target on Fortinet and gave the stock a “hold” rating in a research report on Monday, November 4th. Bank of America raised Fortinet from a “neutral” rating to a “buy” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird set a $100.00 price target on Fortinet and gave the stock a “hold” rating in a research report on Sunday, September 15th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. Fortinet currently has an average rating of “Hold” and an average price target of $96.29.

In related news, CEO Ken Xie sold 8,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total value of $650,640.00. Following the completion of the sale, the chief executive officer now directly owns 12,523,273 shares in the company, valued at approximately $1,018,517,793.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the sale, the vice president now owns 6,338,989 shares of the company’s stock, valued at $495,265,210.57. The disclosure for this sale can be found here. Insiders have sold a total of 49,000 shares of company stock worth $3,856,560 over the last three months. 17.20% of the stock is owned by insiders.

Shares of FTNT stock traded up $3.59 during trading on Tuesday, reaching $99.54. 95,077 shares of the company’s stock were exchanged, compared to its average volume of 1,529,884. The stock has a market capitalization of $16.46 billion, a PE ratio of 87.97, a PEG ratio of 4.30 and a beta of 1.08. Fortinet Inc has a twelve month low of $64.41 and a twelve month high of $98.21. The firm’s fifty day moving average price is $81.27 and its 200-day moving average price is $80.95.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The business had revenue of $547.50 million for the quarter, compared to analyst estimates of $533.55 million. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The firm’s revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 EPS. Sell-side analysts anticipate that Fortinet Inc will post 1.6 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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