American Capital Management Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 937,570 shares of the software maker’s stock after purchasing an additional 88,855 shares during the quarter. Fortinet makes up about 2.1% of American Capital Management Inc.’s portfolio, making the stock its 20th biggest holding. American Capital Management Inc. owned approximately 0.53% of Fortinet worth $33,603,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Wellington Management Group LLP boosted its stake in Fortinet by 90.4% during the 1st quarter. Wellington Management Group LLP now owns 14,333 shares of the software maker’s stock worth $550,000 after purchasing an additional 6,805 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Fortinet by 13.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 426,986 shares of the software maker’s stock worth $16,375,000 after purchasing an additional 50,922 shares during the last quarter. State Street Corp boosted its stake in Fortinet by 2.7% during the 1st quarter. State Street Corp now owns 4,449,413 shares of the software maker’s stock worth $170,638,000 after purchasing an additional 118,681 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in Fortinet during the 1st quarter worth $1,173,000. Finally, Metropolitan Life Insurance Co. NY boosted its stake in Fortinet by 1.0% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 144,563 shares of the software maker’s stock worth $5,544,000 after purchasing an additional 1,397 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.
Shares of Fortinet, Inc. (NASDAQ FTNT) traded down 2.36% during mid-day trading on Wednesday, reaching $38.48. 526,723 shares of the company’s stock were exchanged. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 105.42 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56. The stock has a 50 day moving average price of $38.53 and a 200 day moving average price of $38.51.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. The business had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The company’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. Equities research analysts predict that Fortinet, Inc. will post $1.02 EPS for the current year.
Fortinet declared that its board has approved a stock repurchase program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the software maker to purchase 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 stock is undervalued.
In other news, insider Keith Jensen sold 1,850 shares of Fortinet stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $36.47, for a total value of $67,469.50. Following the transaction, the insider now directly owns 1,315 shares of the company’s stock, valued at approximately $47,958.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 3,467 shares of company stock worth $127,005 over the last ninety days. Corporate insiders own 17.00% of the company’s stock.
Several equities research analysts have issued reports on FTNT shares. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Piper Jaffray Companies reissued a “buy” rating and set a $46.00 price target on shares of Fortinet in a research report on Friday, October 27th. BidaskClub raised shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Credit Suisse Group started coverage on shares of Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price target on the stock. Finally, BMO Capital Markets reissued a “buy” rating and set a $46.00 price target on shares of Fortinet in a research report on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $44.00.
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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