GAM Holding AG purchased a new position in Fortinet Inc (NASDAQ:FTNT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,300 shares of the software maker’s stock, valued at approximately $393,000.
Other large investors also recently modified their holdings of the company. Three Peaks Capital Management LLC purchased a new position in shares of Fortinet in the 1st quarter worth about $114,000. Synovus Financial Corp purchased a new position in shares of Fortinet in the 1st quarter worth about $161,000. Smithfield Trust Co. boosted its holdings in shares of Fortinet by 4,071.4% in the 2nd quarter. Smithfield Trust Co. now owns 2,920 shares of the software maker’s stock worth $182,000 after buying an additional 2,850 shares during the last quarter. TD Asset Management Inc. purchased a new position in shares of Fortinet in the 2nd quarter worth about $208,000. Finally, Keybank National Association OH purchased a new position in shares of Fortinet in the 2nd quarter worth about $222,000. 71.79% of the stock is currently owned by institutional investors.
In other news, CFO Keith Jensen sold 1,875 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $77.05, for a total transaction of $144,468.75. Following the sale, the chief financial officer now directly owns 1,210 shares in the company, valued at $93,230.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $64.98, for a total value of $81,225.00. Following the sale, the vice president now owns 9,309 shares in the company, valued at $604,898.82. The disclosure for this sale can be found here. Insiders sold a total of 173,555 shares of company stock worth $12,729,217 over the last 90 days. 17.70% of the stock is currently owned by company insiders.
A number of brokerages recently weighed in on FTNT. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of Fortinet to $76.00 and gave the stock a “neutral” rating in a report on Thursday, August 2nd. Bank of America boosted their price target on shares of Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. UBS Group boosted their price target on shares of Fortinet from $64.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, May 21st. Finally, Cowen downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 19th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Fortinet currently has an average rating of “Buy” and an average price target of $66.14.
Shares of Fortinet stock opened at $83.52 on Thursday. Fortinet Inc has a 52-week low of $35.44 and a 52-week high of $86.56. The stock has a market capitalization of $14.17 billion, a P/E ratio of 111.68, a PEG ratio of 5.18 and a beta of 0.63.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 1st. The software maker reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ 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 analysts’ expectations of $425.66 million. During the same period in the previous year, the business posted $0.27 EPS. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. equities analysts anticipate that Fortinet Inc will post 0.96 earnings per share for the current fiscal year.
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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