ARP Americas LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 7,688 shares of the software maker’s stock, valued at approximately $288,000.
A number of other hedge funds have also recently made changes to their positions in FTNT. Ropes Wealth Advisors LLC raised its stake in shares of Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock valued at $116,000 after buying an additional 540 shares in the last quarter. Thompson Davis & CO. Inc. raised its stake in shares of Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock valued at $126,000 after buying an additional 2,750 shares in the last quarter. NEXT Financial Group Inc raised its stake in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after buying an additional 4,324 shares in the last quarter. Finally, Flinton Capital Management LLC raised its stake in shares of Fortinet by 9.3% in the first quarter. Flinton Capital Management LLC now owns 4,512 shares of the software maker’s stock valued at $173,000 after buying an additional 384 shares in the last quarter. 72.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortinet, Inc. (FTNT) opened at 36.83 on Tuesday. The firm has a market capitalization of $6.47 billion, a P/E ratio of 100.90 and a beta of 1.02. The firm has a 50-day moving average price of $38.63 and a 200-day moving average price of $37.78. Fortinet, Inc. has a 52-week low of $28.50 and a 52-week high of $41.56.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The business had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 earnings per share. On average, equities research analysts anticipate that Fortinet, Inc. will post $0.95 EPS for the current year.
Fortinet declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the software maker to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
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Several brokerages recently weighed in on FTNT. Cowen and Company reissued a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a report on Friday, July 28th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a report on Wednesday, May 3rd. Royal Bank Of Canada upped their target price on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, April 28th. Robert W. Baird set a $50.00 target price on Fortinet and gave the company a “buy” rating in a report on Thursday, July 27th. Finally, Evercore ISI set a $38.00 target price on Fortinet and gave the company a “hold” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $41.56.
In related news, Director Ming Hsieh sold 4,743 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $39.29, for a total value of $186,352.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total transaction of $145,560.00. Following the completion of the sale, the director now directly owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The disclosure for this sale can be found here. In the last three months, insiders sold 13,308 shares of company stock valued at $506,096. 17.00% of the stock is currently owned by company insiders.
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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