Cubist Systematic Strategies LLC Has $1.29 Million Holdings in Fortinet, Inc. (FTNT)

Cubist Systematic Strategies LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 221.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,312 shares of the software maker’s stock after purchasing an additional 23,624 shares during the period. Cubist Systematic Strategies LLC’s holdings in Fortinet were worth $1,285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. D.A. Davidson & CO. increased its stake in shares of Fortinet by 1.1% during the second quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock valued at $388,000 after purchasing an additional 114 shares in the last quarter. Capstone Asset Management Co. increased its stake in shares of Fortinet by 1.4% during the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock valued at $509,000 after purchasing an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Fortinet by 1.2% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock valued at $653,000 after purchasing an additional 200 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in shares of Fortinet by 2.7% during the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock valued at $288,000 after purchasing an additional 200 shares in the last quarter. Finally, TRUE Private Wealth Advisors increased its stake in shares of Fortinet by 3.4% during the second quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock valued at $241,000 after purchasing an additional 211 shares in the last quarter. 68.99% of the stock is owned by institutional investors and hedge funds.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The business had revenue of $363.50 million for 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 in the prior year, the business posted $0.14 EPS.

Fortinet announced that its board has approved a stock 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 often a sign that the company’s board of directors believes its shares are undervalued.

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In other news, Director Christopher B. Paisley sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the sale, the director now directly owns 66,611 shares of the company’s stock, valued at approximately $2,423,974.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Whittle sold 2,091 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the completion of the sale, the vice president now directly owns 7,181 shares in the company, valued at $260,454.87. The disclosure for this sale can be found here. Insiders sold a total of 9,558 shares of company stock worth $348,406 over the last ninety days. Insiders own 16.40% of the company’s stock.

A number of equities analysts have weighed in on the stock. Cowen and Company reaffirmed a “buy” rating and set a $43.00 target price on shares of Fortinet in a research note on Friday, July 28th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $50.00 target price on shares of Fortinet in a research note on Thursday. Robert W. Baird set a $50.00 target price on shares of Fortinet and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, Evercore ISI set a $38.00 target price on shares of Fortinet and gave the company a “hold” rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $42.48.

Fortinet Profile

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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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