Frontier Capital Management Co. LLC raised its position in shares of Fortinet Inc (NASDAQ:FTNT) by 2.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,010,210 shares of the software maker’s stock after acquiring an additional 24,194 shares during the period. Frontier Capital Management Co. LLC’s holdings in Fortinet were worth $44,136,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FTNT. GLG Partners LP acquired a new stake in Fortinet during the 2nd quarter valued at $145,000. Ropes Wealth Advisors LLC raised its stake in Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. IFM Investors Pty Ltd acquired a new stake in Fortinet during the 3rd quarter valued at $220,000. Toronto Dominion Bank raised its stake in Fortinet by 249.2% during the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after purchasing an additional 4,503 shares during the period. Finally, Parametrica Management Ltd acquired a new stake in Fortinet during the 3rd quarter valued at $254,000. 70.68% of the stock is currently owned by institutional investors.

Fortinet Inc (NASDAQ FTNT) opened at $46.01 on Friday. The company has a market cap of $7,948.98, a price-to-earnings ratio of 95.85, a price-to-earnings-growth ratio of 4.67 and a beta of 0.93. Fortinet Inc has a 1 year low of $31.86 and a 1 year high of $46.43.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The company had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. During the same period in the prior year, the company earned $0.18 earnings per share. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. equities research analysts anticipate that Fortinet Inc will post 0.48 EPS for the current fiscal year.

Fortinet announced that its board has initiated a share buyback plan on Thursday, October 26th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the software maker to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other Fortinet news, VP John Whittle sold 13,749 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total transaction of $618,705.00. Following the completion of the sale, the vice president now directly owns 18,430 shares in the company, valued at $829,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $39.64, for a total transaction of $211,360.48. Following the sale, the director now owns 331 shares of the company’s stock, valued at $13,120.84. The disclosure for this sale can be found here. Insiders have sold 73,355 shares of company stock valued at $3,072,511 over the last 90 days. Corporate insiders own 16.40% of the company’s stock.

Several analysts have issued reports on the stock. Monness Crespi & Hardt reissued a “buy” rating and set a $50.00 target price (up from $45.00) on shares of Fortinet in a research note on Friday. Deutsche Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $36.00 to $48.00 in a research note on Wednesday, October 18th. UBS Group upped their price target on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 13th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $46.00 price target on shares of Fortinet in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $45.48.

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Fortinet 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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