Fortinet Inc (FTNT) Shares Bought by Smith Asset Management Group LP

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Smith Asset Management Group LP boosted its stake in Fortinet Inc (NASDAQ:FTNT) by 41.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 923,987 shares of the software maker’s stock after purchasing an additional 269,174 shares during the quarter. Fortinet comprises approximately 2.4% of Smith Asset Management Group LP’s portfolio, making the stock its 6th biggest holding. Smith Asset Management Group LP’s holdings in Fortinet were worth $85,204,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Commerce Bank purchased a new position in shares of Fortinet during the third quarter worth approximately $225,000. Pitcairn Co. raised its stake in shares of Fortinet by 35.7% during the third quarter. Pitcairn Co. now owns 9,916 shares of the software maker’s stock worth $915,000 after acquiring an additional 2,610 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Fortinet by 185.8% during the third quarter. Private Advisor Group LLC now owns 10,790 shares of the software maker’s stock worth $996,000 after acquiring an additional 7,014 shares in the last quarter. Chicago Equity Partners LLC raised its stake in shares of Fortinet by 6.5% during the third quarter. Chicago Equity Partners LLC now owns 384,770 shares of the software maker’s stock worth $35,503,000 after acquiring an additional 23,370 shares in the last quarter. Finally, Synovus Financial Corp raised its stake in shares of Fortinet by 21.8% during the third quarter. Synovus Financial Corp now owns 3,655 shares of the software maker’s stock worth $337,000 after acquiring an additional 655 shares in the last quarter. 71.41% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $85.50, for a total transaction of $599,782.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 2,150 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total transaction of $156,885.50. Following the sale, the chief financial officer now owns 585 shares in the company, valued at approximately $42,687.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,540 shares of company stock worth $1,107,574. 17.70% of the stock is currently owned by company insiders.

Several research analysts have commented on FTNT shares. Stifel Nicolaus lifted their price target on shares of Fortinet from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Bank of America downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $77.00 to $95.00 in a research note on Thursday, September 20th. UBS Group downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $90.00 in a research note on Tuesday, September 18th. They noted that the move was a valuation call. Dougherty & Co raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research note on Monday. Finally, Morgan Stanley lifted their price target 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. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Fortinet has a consensus rating of “Hold” and a consensus price target of $78.00.

NASDAQ:FTNT opened at $72.03 on Monday. The firm has a market capitalization of $12.27 billion, a P/E ratio of 140.13, a P/E/G ratio of 4.49 and a beta of 0.81. Fortinet Inc has a twelve month low of $38.50 and a twelve month high of $94.37.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. The business had revenue of $453.90 million for the quarter, compared to analysts’ expectations of $450.84 million. Fortinet had a net margin of 7.05% and a return on equity of 20.52%. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.28 earnings per share. On average, equities analysts expect that Fortinet Inc will post 0.96 EPS for the current year.

Fortinet 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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