Engineers Gate Manager LP Grows Holdings in Fortinet, Inc. (FTNT)
Engineers Gate Manager LP raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 59.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 145,112 shares of the software maker’s stock after acquiring an additional 53,976 shares during the period. Fortinet comprises 0.5% of Engineers Gate Manager LP’s portfolio, making the stock its 19th biggest position. Engineers Gate Manager LP owned about 0.08% of Fortinet worth $5,433,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Old Mutual Global Investors UK Ltd. bought a new stake in Fortinet in the 2nd quarter valued at approximately $4,879,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Fortinet in the 2nd quarter valued at approximately $4,893,000. Flagship Harbor Advisors LLC lifted its stake in 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in Fortinet by 23.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 340,985 shares of the software maker’s stock valued at $12,766,000 after acquiring an additional 64,900 shares in the last quarter. Finally, Radnor Capital Management LLC lifted its stake in Fortinet by 4.2% in the 2nd quarter. Radnor Capital Management LLC now owns 12,400 shares of the software maker’s stock valued at $464,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 69.02% of the company’s stock.
FTNT has been the topic of a number of analyst reports. ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. BMO Capital Markets reiterated a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research note on Friday, September 1st. Monness Crespi & Hardt initiated coverage on Fortinet in a research note on Wednesday, June 14th. They set a “buy” rating and a $45.00 price objective on the stock. Credit Suisse Group initiated coverage on Fortinet in a research note on Tuesday. They set an “underperform” rating and a $33.00 price objective on the stock. Finally, Susquehanna Bancshares Inc initiated coverage on Fortinet in a research note on Wednesday, June 7th. They set a “neutral” rating and a $45.00 price objective on the stock. Two analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $41.30.
In other news, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the sale, the chief accounting officer now owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last three months, insiders sold 9,558 shares of company stock valued at $348,406. 16.40% of the stock is currently owned by corporate insiders.
Fortinet, Inc. (FTNT) traded down 0.35% during mid-day trading on Thursday, hitting $37.27. The stock had a trading volume of 105,164 shares. The company’s 50 day moving average is $37.69 and its 200-day moving average is $38.13. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56. The stock has a market capitalization of $6.55 billion, a P/E ratio of 102.11 and a beta of 0.99.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. During the same quarter in the previous year, the company posted $0.14 EPS. Fortinet’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts expect that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.
Fortinet announced that its board has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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Fortinet Company 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.
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