Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Atria Investments LLC

Atria Investments LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 401.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,400 shares of the software maker’s stock after purchasing an additional 17,929 shares during the period. Atria Investments LLC’s holdings in Fortinet were worth $1,267,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Motley Fool Asset Management LLC raised its position in shares of Fortinet by 386.9% in the 2nd quarter. Motley Fool Asset Management LLC now owns 20,998 shares of the software maker’s stock valued at $1,239,000 after purchasing an additional 16,685 shares in the last quarter. Douglass Winthrop Advisors LLC raised its position in shares of Fortinet by 371.2% in the 2nd quarter. Douglass Winthrop Advisors LLC now owns 4,085 shares of the software maker’s stock valued at $231,000 after purchasing an additional 3,218 shares in the last quarter. Deutsche Bank AG raised its position in shares of Fortinet by 285.1% in the 2nd quarter. Deutsche Bank AG now owns 1,231,720 shares of the software maker’s stock valued at $69,691,000 after purchasing an additional 911,888 shares in the last quarter. AXS Investments LLC raised its position in shares of Fortinet by 572.2% in the 2nd quarter. AXS Investments LLC now owns 38,188 shares of the software maker’s stock valued at $2,161,000 after purchasing an additional 32,507 shares in the last quarter. Finally, AIA Group Ltd increased its holdings in shares of Fortinet by 131.2% in the 2nd quarter. AIA Group Ltd now owns 7,665 shares of the software maker’s stock valued at $434,000 after acquiring an additional 4,349 shares during the last quarter. 65.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP John Whittle sold 3,125 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $55.00, for a total value of $171,875.00. Following the completion of the sale, the vice president now owns 12,876 shares in the company, valued at $708,180. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 18.80% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Morgan Stanley lowered their price target on Fortinet from $69.00 to $66.00 and set an “overweight” rating for the company in a report on Thursday, November 3rd. Raymond James lowered their price target on Fortinet from $70.00 to $60.00 and set an “outperform” rating for the company in a report on Thursday, November 3rd. BMO Capital Markets lowered their price target on Fortinet from $68.00 to $58.00 and set an “outperform” rating for the company in a report on Thursday, November 3rd. BTIG Research lowered their price target on Fortinet from $80.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, November 3rd. Finally, KeyCorp lowered their price target on Fortinet from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, November 16th. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.61.

Fortinet Trading Up 2.0 %

Shares of Fortinet stock opened at $53.35 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.07 and a debt-to-equity ratio of 4.24. The firm has a market cap of $41.68 billion, a price-to-earnings ratio of 58.89, a price-to-earnings-growth ratio of 3.25 and a beta of 1.16. The business has a fifty day simple moving average of $51.82 and a 200-day simple moving average of $55.94. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $74.35.

Fortinet (NASDAQ:FTNTGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The software maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.06. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The company’s revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.15 earnings per share. On average, equities analysts forecast that Fortinet, Inc. will post 0.89 EPS for the current fiscal year.

Fortinet Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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