AMP Capital Investors Ltd increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,194 shares of the software maker’s stock after purchasing an additional 8,067 shares during the period. AMP Capital Investors Ltd’s holdings in Fortinet were worth $2,946,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. First Mercantile Trust Co. bought a new stake in Fortinet in the second quarter valued at $136,000. GLG Partners LP bought a new stake in Fortinet in the second quarter valued at $145,000. Ropes Wealth Advisors LLC grew its position in Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after acquiring an additional 1,855 shares during the period. Greenwood Capital Associates LLC bought a new stake in Fortinet in the second quarter valued at $209,000. Finally, Cigna Investments Inc. New acquired a new position in Fortinet in the second quarter worth $211,000. Hedge funds and other institutional investors own 70.76% of the company’s stock.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the transaction, the director now owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 3,585 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total value of $138,381.00. Following the completion of the transaction, the vice president now directly 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 59,606 shares of company stock worth $2,453,806 in the last ninety days. 16.40% of the stock is currently owned by insiders.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $370.67 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. equities research analysts predict that Fortinet, Inc. will post 0.48 earnings per share for the current fiscal year.
Fortinet declared that its board has authorized a stock repurchase plan on Thursday, October 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
A number of equities analysts have commented on the company. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 13th. Deutsche Bank raised Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $36.00 to $48.00 in a research note on Wednesday, October 18th. Stifel Nicolaus reissued a “hold” rating and issued a $42.00 price objective on shares of Fortinet in a research note on Tuesday, September 12th. Cowen reissued a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research note on Friday, September 8th. Finally, UBS boosted their price objective on Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Fortinet has an average rating of “Buy” and a consensus price target of $44.55.
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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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