Rampart Investment Management Company LLC cut its holdings in Fortinet Inc (NASDAQ:FTNT) by 8.4% in the second quarter, HoldingsChannel reports. The firm owned 3,188 shares of the software maker’s stock after selling 291 shares during the quarter. Rampart Investment Management Company LLC’s holdings in Fortinet were worth $245,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the stock. Asset Management One Co. Ltd. grew its holdings in shares of Fortinet by 13.7% in the second quarter. Asset Management One Co. Ltd. now owns 97,737 shares of the software maker’s stock valued at $7,509,000 after purchasing an additional 11,765 shares in the last quarter. Qtron Investments LLC grew its holdings in shares of Fortinet by 130.1% in the second quarter. Qtron Investments LLC now owns 6,582 shares of the software maker’s stock valued at $506,000 after purchasing an additional 3,722 shares in the last quarter. US Bancorp DE grew its holdings in shares of Fortinet by 41.2% in the second quarter. US Bancorp DE now owns 20,248 shares of the software maker’s stock valued at $1,555,000 after purchasing an additional 5,910 shares in the last quarter. ETRADE Capital Management LLC grew its holdings in shares of Fortinet by 68.2% in the second quarter. ETRADE Capital Management LLC now owns 21,528 shares of the software maker’s stock valued at $1,654,000 after purchasing an additional 8,730 shares in the last quarter. Finally, Pinebridge Investments L.P. grew its holdings in shares of Fortinet by 30.9% in the second quarter. Pinebridge Investments L.P. now owns 211,429 shares of the software maker’s stock valued at $16,244,000 after purchasing an additional 49,891 shares in the last quarter. 70.48% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares in the company, valued at $495,265,210.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $80.72, for a total value of $80,720.00. Following the sale, the director now owns 75,213 shares of the company’s stock, valued at $6,071,193.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,000 shares of company stock valued at $3,856,560. Corporate insiders own 17.20% of the company’s stock.
FTNT has been the subject of a number of recent research reports. Morgan Stanley raised their target price on shares of Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Citigroup raised their target price on shares of Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Monness Crespi & Hardt reissued a “buy” rating and issued a $102.00 target price (up from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Barclays reissued a “hold” rating and issued a $99.00 target price on shares of Fortinet in a report on Sunday, August 4th. Finally, JPMorgan Chase & Co. raised shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 target price for the company in a report on Monday, June 24th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $87.52.
FTNT traded down $0.19 during trading on Friday, reaching $78.23. The company had a trading volume of 1,202,906 shares, compared to its average volume of 1,211,336. The stock has a market cap of $13.49 billion, a P/E ratio of 69.23, a PEG ratio of 3.95 and a beta of 1.09. The business has a 50 day simple moving average of $80.61 and a 200-day simple moving average of $82.20. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.28. The company had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. Fortinet’s revenue was up 18.2% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. On average, equities research analysts expect that Fortinet Inc will post 1.43 earnings per share for the current fiscal year.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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