Pinebridge Investments L.P. Has $2.29 Million Stake in Fortinet, Inc. (FTNT)

Pinebridge Investments L.P. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 646.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,863 shares of the software maker’s stock after purchasing an additional 55,309 shares during the quarter. Pinebridge Investments L.P.’s holdings in Fortinet were worth $2,289,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in Fortinet by 6.6% during the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after acquiring an additional 870,061 shares in the last quarter. Vanguard Group Inc. raised its stake in Fortinet by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock worth $456,222,000 after acquiring an additional 298,051 shares in the last quarter. State Street Corp raised its stake in Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock worth $171,534,000 after acquiring an additional 132,054 shares in the last quarter. Renaissance Technologies LLC raised its stake in Fortinet by 19.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after acquiring an additional 726,300 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Fortinet by 7.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock worth $157,693,000 after acquiring an additional 288,097 shares in the last quarter. Institutional investors and hedge funds own 70.03% of the company’s stock.

Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, October 31st. UBS lifted their price target on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. BMO Capital Markets cut their price target on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 27th. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, October 27th. Finally, Evercore ISI reiterated a “hold” rating and set a $38.00 price target on shares of Fortinet in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $44.26.

In other news, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total value of $138,381.00. Following the sale, the vice president now owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of Fortinet stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total transaction of $72,520.00. Following the completion of the sale, the insider now directly owns 1,374 shares in the company, valued at approximately $53,860.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,606 shares of company stock worth $2,453,806. Insiders own 17.00% of the company’s stock.

Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at $41.10 on Wednesday. The firm has a market cap of $7,223.81, a PE ratio of 75.53, a PEG ratio of 5.12 and a beta of 0.92. Fortinet, Inc. has a fifty-two week low of $28.50 and a fifty-two week high of $42.49.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 earnings per share. analysts predict that Fortinet, Inc. will post 0.48 earnings per share for the current fiscal year.

Fortinet announced that its board has approved a share repurchase program on Thursday, October 26th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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Fortinet 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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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