Fortinet, Inc. (FTNT) Shares Bought by Quantbot Technologies LP
Quantbot Technologies LP lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 318.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 51,419 shares of the software maker’s stock after purchasing an additional 39,126 shares during the quarter. Quantbot Technologies LP’s holdings in Fortinet were worth $1,842,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Prudential Financial Inc. grew its position in shares of Fortinet by 43.9% in the 2nd quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock valued at $39,911,000 after purchasing an additional 325,210 shares during the period. Russell Investments Group Ltd. boosted its position in Fortinet by 29.2% during the 2nd 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 during the last quarter. Oak Ridge Investments LLC boosted its position in Fortinet by 4.2% during the 2nd quarter. Oak Ridge Investments LLC now owns 859,457 shares of the software maker’s stock worth $32,178,000 after acquiring an additional 34,905 shares during the last quarter. Great Lakes Advisors LLC boosted its position in Fortinet by 55.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 43,345 shares of the software maker’s stock worth $1,623,000 after acquiring an additional 15,430 shares during the last quarter. Finally, Gluskin Sheff & Assoc Inc. boosted its position in Fortinet by 89.8% during the 3rd quarter. Gluskin Sheff & Assoc Inc. now owns 550,739 shares of the software maker’s stock worth $19,739,000 after acquiring an additional 260,509 shares during the last quarter. Institutional investors and hedge funds own 69.41% of the company’s stock.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $40.02, for a total transaction of $160,080.00. Following the transaction, the director now owns 72,606 shares in the company, valued at approximately $2,905,692.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,585 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the transaction, the vice president now owns 6,714,500 shares in the company, valued at approximately $259,179,700. The disclosure for this sale can be found here. Insiders have sold a total of 19,942 shares of company stock worth $787,129 in the last quarter. Company insiders own 16.40% of the company’s stock.
Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at $40.31 on Friday. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56. The firm has a market capitalization of $7,009.91, a price-to-earnings ratio of 73.29, a P/E/G ratio of 4.97 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business had revenue of $374.20 million for the quarter, compared to analysts’ expectations of $370.67 million. During the same quarter in the prior year, the business earned $0.18 EPS. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. equities analysts forecast that Fortinet, Inc. will post 0.48 earnings per share for the current year.
Fortinet declared that its board has authorized a stock repurchase program on Wednesday, July 26th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have weighed in on FTNT shares. ValuEngine downgraded Fortinet from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. KeyCorp reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research report on Tuesday, October 24th. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research report on Thursday, October 5th. Cowen and Company reaffirmed a “buy” rating and set a $43.00 price target on shares of Fortinet in a research report on Friday, September 8th. Finally, Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.26.
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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