Prelude Capital Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,061 shares of the software maker’s stock, valued at approximately $336,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Penserra Capital Management LLC boosted its position in Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares in the last quarter. Evergreen Capital Management LLC grew its position in Fortinet by 5.2% during the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after buying an additional 43 shares during the period. Douglass Winthrop Advisors LLC increased its holdings in Fortinet by 6.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after buying an additional 50 shares in the last quarter. Covestor Ltd raised its position in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the period. Finally, Sawtooth Solutions LLC grew its position in shares of Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after acquiring an additional 66 shares during the period. 65.00% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
FTNT has been the subject of a number of analyst reports. Wedbush reduced their price target on Fortinet from $70.00 to $69.00 and set an “outperform” rating for the company in a report on Friday, August 4th. Rosenblatt Securities reissued a “neutral” rating and issued a $90.00 price target on shares of Fortinet in a report on Wednesday, September 13th. Wells Fargo & Company decreased their price objective on shares of Fortinet from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, August 4th. The Goldman Sachs Group boosted their target price on shares of Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $72.00 price target on shares of Fortinet in a research note on Thursday. Ten analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Moderate Buy” and a consensus target price of $73.10.
Insider Buying and Selling at Fortinet
In other news, EVP Patrice Perche sold 7,530 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $71.15, for a total transaction of $535,759.50. Following the completion of the sale, the executive vice president now owns 25,730 shares in the company, valued at approximately $1,830,689.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, EVP Patrice Perche sold 7,530 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $71.15, for a total transaction of $535,759.50. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,830,689.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $57.20, for a total value of $291,720.00. Following the completion of the sale, the chief financial officer now directly owns 4,578 shares of the company’s stock, valued at $261,861.60. The disclosure for this sale can be found here. Insiders have sold 67,218 shares of company stock worth $4,429,412 over the last three months. Insiders own 17.54% of the company’s stock.
Fortinet Trading Down 3.3 %
NASDAQ FTNT opened at $61.02 on Monday. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $81.24. The firm has a 50 day moving average of $66.88 and a two-hundred day moving average of $66.92. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09. The stock has a market capitalization of $47.92 billion, a PE ratio of 45.88, a price-to-earnings-growth ratio of 2.76 and a beta of 1.16.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the firm earned $0.18 earnings per share. Fortinet’s quarterly revenue was up 25.5% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 1.24 EPS for the current fiscal year.
Fortinet, Inc provides cybersecurity and networking 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.
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