Martingale Asset Management L P boosted its stake in Fortinet Inc (NASDAQ:FTNT) by 6.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 557,619 shares of the software maker’s stock after acquiring an additional 34,452 shares during the quarter. Martingale Asset Management L P’s holdings in Fortinet were worth $34,813,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Three Peaks Capital Management LLC acquired a new stake in Fortinet in the 1st quarter valued at $114,000. Synovus Financial Corp acquired a new stake in Fortinet in the 1st quarter valued at $161,000. Smithfield Trust Co. grew its stake in Fortinet by 4,071.4% in the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock valued at $182,000 after acquiring an additional 2,850 shares during the period. TD Asset Management Inc. acquired a new stake in Fortinet in the 2nd quarter valued at $208,000. Finally, Keybank National Association OH acquired a new stake in Fortinet in the 2nd quarter valued at $222,000. 73.00% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $76.50, for a total transaction of $95,625.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 50,000 shares of Fortinet stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $60.51, for a total value of $3,025,500.00. Following the transaction, the chief executive officer now owns 12,562,906 shares in the company, valued at approximately $760,181,442.06. The disclosure for this sale can be found here. In the last quarter, insiders have sold 222,930 shares of company stock worth $15,685,248. Insiders own 17.70% of the company’s stock.
NASDAQ FTNT opened at $76.61 on Wednesday. Fortinet Inc has a 52 week low of $35.44 and a 52 week high of $77.50. The firm has a market cap of $12.94 billion, a PE ratio of 147.33, a P/E/G ratio of 4.74 and a beta of 0.55.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.41 EPS for the quarter, topping the consensus estimate of $0.19 by $0.22. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The business had revenue of $441.30 million for the quarter, compared to analyst estimates of $425.66 million. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. research analysts expect that Fortinet Inc will post 0.96 earnings per share for the current year.
A number of equities research analysts recently issued reports on the stock. ValuEngine raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research note on Friday, August 3rd. Morgan Stanley lifted their target price on shares of Fortinet from $55.00 to $67.00 and gave the stock a “hold” rating in a research note on Friday, August 3rd. Finally, Bank of America lifted their target price on shares of Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $66.14.
Fortinet Company Profile
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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