BlackRock Inc. increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,047,819 shares of the software maker’s stock after acquiring an additional 870,061 shares during the period. BlackRock Inc. owned about 7.99% of Fortinet worth $525,953,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capstone Asset Management Co. lifted its stake in shares of Fortinet by 1.4% in the 2nd quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock valued at $509,000 after acquiring an additional 190 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Fortinet by 1.2% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock valued at $653,000 after acquiring an additional 200 shares during the last quarter. Flagship Harbor Advisors LLC lifted its stake in shares of Fortinet by 2.7% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock valued at $288,000 after acquiring an additional 200 shares during the last quarter. TRUE Private Wealth Advisors lifted its stake in shares of Fortinet by 3.4% in the 2nd quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock valued at $241,000 after acquiring an additional 211 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Fortinet by 0.8% in the 2nd quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock valued at $1,177,000 after acquiring an additional 252 shares during the last quarter. 68.99% of the stock is owned by institutional investors.
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FTNT has been the subject of a number of recent research reports. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Friday, July 7th. OTR Global raised Fortinet to a “positive” rating in a research note on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the company a “buy” rating in a research note on Friday, August 25th. Credit Suisse Group initiated coverage on Fortinet in a research note on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 target price for the company. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $45.00 target price on shares of Fortinet in a research note on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Fortinet has an average rating of “Buy” and a consensus price target of $41.30.
In related news, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the transaction, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the transaction, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock valued at $348,406 in the last three months. 16.40% of the stock is currently owned by insiders.
Shares of Fortinet, Inc. (FTNT) opened at 38.34 on Friday. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56. The stock has a market cap of $6.74 billion, a P/E ratio of 105.04 and a beta of 0.99. The company has a 50 day moving average price of $37.31 and a 200 day moving average price of $38.20.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities analysts anticipate that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has approved a share repurchase program on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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