Migdal Insurance & Financial Holdings Ltd. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 25.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,871 shares of the software maker’s stock after acquiring an additional 1,412 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Fortinet were worth $259,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of FTNT. BlackRock Inc. lifted its stake in Fortinet by 7,159.6% during the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after purchasing an additional 12,996,236 shares during the last quarter. Clearbridge Investments LLC lifted its stake in 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 purchasing an additional 1,831,096 shares during the last quarter. Voya Investment Management LLC lifted its stake in Fortinet by 934.3% during the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after purchasing an additional 1,698,526 shares during the last quarter. ETF Managers Group LLC acquired a new stake in Fortinet during the second quarter valued at approximately $40,680,000. Finally, Renaissance Technologies LLC lifted its stake in Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after purchasing an additional 726,300 shares during the last quarter. 68.99% of the stock is owned by institutional investors.
In other news, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the sale, the director now directly owns 66,611 shares in the company, valued at $2,423,974.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the sale, the vice president now owns 7,181 shares in the company, valued at $260,454.87. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock worth $348,406 over the last 90 days. Corporate insiders own 17.00% of the company’s stock.
Several analysts recently commented on the stock. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $45.00 target price on shares of Fortinet in a research note on Thursday, October 5th. BMO Capital Markets reissued a “buy” rating and set a $46.00 target price on shares of Fortinet in a research note on Thursday, October 5th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Tuesday, September 26th. Stifel Nicolaus reissued a “hold” rating and set a $42.00 target price on shares of Fortinet in a research note on Tuesday, September 12th. Finally, Cowen and Company reissued a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday, September 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $41.26.
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Fortinet, Inc. (FTNT) traded up 0.325% on Wednesday, reaching $38.575. 57,962 shares of the company’s stock traded hands. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 105.685 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $28.51 and a 52-week high of $41.56. The stock’s 50 day moving average is $37.70 and its 200 day moving average is $38.30.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for 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 business’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the company posted $0.14 EPS. On average, equities research analysts predict that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.
Fortinet announced that its board has initiated a share buyback plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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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