US Bancorp DE boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 8.4% during the second quarter, Holdings Channel reports. The institutional investor owned 15,793 shares of the software maker’s stock after buying an additional 1,219 shares during the period. US Bancorp DE’s holdings in Fortinet were worth $591,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. LS Investment Advisors LLC increased its position in shares of Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock valued at $514,000 after buying an additional 96 shares in the last quarter. Capstone Asset Management Co. increased its position in shares of Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock valued at $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock valued at $653,000 after buying an additional 200 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Fortinet by 0.8% in the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock valued at $1,177,000 after buying an additional 252 shares in the last quarter. Finally, Ropes Wealth Advisors LLC increased its position in shares of Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares in the last quarter. 71.41% of the stock is owned by institutional investors.
Fortinet, Inc. (NASDAQ FTNT) traded down 0.4429% during mid-day trading on Tuesday, reaching $36.8859. 199,644 shares of the company were exchanged. The company has a 50 day moving average of $38.31 and a 200-day moving average of $38.01. Fortinet, Inc. has a 1-year low of $28.51 and a 1-year high of $41.56. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 101.0573 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its board has authorized a stock repurchase plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Several research analysts recently weighed in on the stock. UBS AG upped their target price on shares of Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Stifel Nicolaus upped their target price on shares of Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Monday, April 17th. Cowen and Company reaffirmed a “buy” rating and issued a $43.00 target price on shares of Fortinet in a report on Friday, July 28th. ValuEngine raised shares of Fortinet from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Fortinet in a report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Fortinet currently has an average rating of “Buy” and a consensus price target of $41.56.
In other Fortinet news, insider Keith Jensen sold 624 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the transaction, the insider now directly owns 978 shares in the company, valued at approximately $39,833.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the transaction, the director now owns 66,611 shares in the company, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock worth $535,475 over the last quarter. 17.00% of the stock is currently owned by company insiders.
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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