Fortinet, Inc. (FTNT) Position Lowered by Alliancebernstein L.P.
Alliancebernstein L.P. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 490,149 shares of the software maker’s stock after selling 92,336 shares during the quarter. Alliancebernstein L.P. owned approximately 0.28% of Fortinet worth $18,351,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Prudential Financial Inc. lifted its stake in shares of Fortinet by 43.9% in the second quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock worth $39,911,000 after acquiring an additional 325,210 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after acquiring an additional 563,667 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Fortinet by 29.2% in the second quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock worth $3,074,000 after acquiring an additional 18,569 shares in the last quarter. Clinton Group Inc. acquired a new position in shares of Fortinet in the first quarter worth about $888,000. Finally, KBC Group NV lifted its stake in shares of Fortinet by 313.5% in the first quarter. KBC Group NV now owns 53,945 shares of the software maker’s stock worth $2,069,000 after acquiring an additional 40,899 shares in the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.
Shares of Fortinet, Inc. (NASDAQ FTNT) opened at 38.34 on Friday. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 105.04 and a beta of 0.99. The stock’s 50 day moving average price is $37.31 and its 200 day moving average price is $38.20. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The firm 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 business earned $0.14 EPS. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet announced that its board has approved a share repurchase program on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Keith Jensen sold 950 shares of Fortinet stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the sale, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock valued at $348,406 in the last ninety days. Company insiders own 16.40% of the company’s stock.
Several analysts have issued reports on FTNT shares. ValuEngine upgraded Fortinet from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Susquehanna Bancshares Inc started 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. Monness Crespi & Hardt started 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. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research note on Thursday, June 22nd. Finally, Northland Securities started coverage on Fortinet in a research note on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective on the stock. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Fortinet has a consensus rating of “Buy” and an average price target of $41.30.
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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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