Daiwa Securities Group Inc. Has $170,000 Stake in Fortinet, Inc. (FTNT)
Daiwa Securities Group Inc. held its position in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,550 shares of the software maker’s stock at the end of the second quarter. Daiwa Securities Group Inc.’s holdings in Fortinet were worth $170,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. LS Investment Advisors LLC boosted its position in 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. boosted 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 worth $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted 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 worth $653,000 after buying an additional 200 shares in the last quarter. Fisher Asset Management LLC boosted 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 worth $1,177,000 after buying an additional 252 shares in the last quarter. Finally, Ropes Wealth Advisors LLC boosted 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 worth $106,000 after buying an additional 275 shares in the last quarter. 71.41% of the stock is currently owned by institutional investors and hedge funds.
Fortinet, Inc. (NASDAQ FTNT) opened at 36.65 on Friday. The stock’s 50 day moving average price is $38.22 and its 200 day moving average price is $38.05. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of 100.41 and a beta of 1.02. Fortinet, Inc. has a 12 month low of $28.51 and a 12 month high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. During the same period in the previous year, the firm posted $0.14 earnings per share. The business’s revenue was up 16.7% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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A number of brokerages have recently commented on FTNT. ValuEngine raised Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. BidaskClub cut Fortinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $42.00 price target on shares of Fortinet in a research report on Friday, July 28th. Cowen and Company reaffirmed a “buy” rating and set a $43.00 price target on shares of Fortinet in a research report on Friday, July 28th. Finally, Dougherty & Co upped their price target on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $41.56.
In other news, Director Ming Hsieh sold 4,743 shares of Fortinet stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total value of $186,352.47. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the sale, the director now directly owns 66,611 shares in the company, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders sold 13,634 shares of company stock worth $510,059 over the last ninety days. Insiders own 16.40% of the company’s stock.
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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