8,554 Shares in Fortinet, Inc. (FTNT) Acquired by Pinebridge Investments L.P.
Pinebridge Investments L.P. purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,554 shares of the software maker’s stock, valued at approximately $320,000.
Other hedge funds have also bought and sold shares of the company. BlackRock Inc. grew its holdings in Fortinet by 6.6% during the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Fortinet by 5.0% during the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after buying an additional 563,667 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Fortinet by 27.7% during the first quarter. Clearbridge Investments LLC now owns 8,441,783 shares of the software maker’s stock valued at $323,742,000 after buying an additional 1,831,096 shares during the last quarter. State Street Corp raised its position in shares of Fortinet by 2.7% during the first quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock valued at $170,638,000 after buying an additional 118,681 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock worth $145,554,000 after buying an additional 1,177,300 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 36.73 on Wednesday. The stock’s 50 day moving average price is $37.49 and its 200 day moving average price is $38.23. Fortinet, Inc. has a 52-week low of $28.50 and a 52-week high of $41.56. The company has a market capitalization of $6.46 billion, a P/E ratio of 100.63 and a beta of 1.01.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post $0.95 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has initiated a stock 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 stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In related news, VP John Whittle sold 2,091 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the transaction, the vice president now directly owns 7,181 shares of the company’s stock, valued at approximately $260,454.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total value of $145,560.00. Following the transaction, the director now directly owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold 9,558 shares of company stock worth $348,406 in the last ninety days. Corporate insiders own 17.00% of the company’s stock.
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Several research firms have recently commented on FTNT. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Friday, July 7th. Monness Crespi & Hardt initiated coverage on shares of Fortinet in a research note on Wednesday, June 14th. They set a “buy” rating and a $45.00 target price for the company. Dougherty & Co raised their target price on shares of Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a report on Thursday, July 27th. Finally, Cowen and Company reiterated a “buy” rating and issued a $43.00 price target on shares of Fortinet in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $41.26.
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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