Fortinet Inc (FTNT) Shares Bought by Chicago Equity Partners LLC

Chicago Equity Partners LLC lifted its stake in Fortinet Inc (NASDAQ:FTNT) by 6.5% during the third quarter, Holdings Channel reports. The fund owned 384,770 shares of the software maker’s stock after buying an additional 23,370 shares during the period. Fortinet accounts for approximately 1.0% of Chicago Equity Partners LLC’s holdings, making the stock its 7th largest holding. Chicago Equity Partners LLC’s holdings in Fortinet were worth $35,503,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Synovus Financial Corp increased its position in shares of Fortinet by 21.8% in the third quarter. Synovus Financial Corp now owns 3,655 shares of the software maker’s stock valued at $337,000 after acquiring an additional 655 shares during the last quarter. Moody National Bank Trust Division grew its holdings in Fortinet by 887.1% during the third quarter. Moody National Bank Trust Division now owns 116,725 shares of the software maker’s stock worth $10,770,000 after purchasing an additional 104,900 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Fortinet by 21.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 611,582 shares of the software maker’s stock worth $56,431,000 after purchasing an additional 107,502 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in Fortinet by 779.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 13,167 shares of the software maker’s stock worth $1,215,000 after purchasing an additional 11,669 shares during the period. Finally, Emerald Advisers Inc. PA grew its holdings in Fortinet by 12.7% during the third quarter. Emerald Advisers Inc. PA now owns 22,858 shares of the software maker’s stock worth $2,109,000 after purchasing an additional 2,577 shares during the period. 71.48% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:FTNT opened at $72.56 on Friday. Fortinet Inc has a 12-month low of $38.50 and a 12-month high of $94.37. The company has a market cap of $12.27 billion, a PE ratio of 83.40, a PEG ratio of 4.49 and a beta of 0.81.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Fortinet had a return on equity of 22.04% and a net margin of 7.05%. The company had revenue of $453.90 million during the quarter, compared to analysts’ expectations of $450.84 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The business’s revenue was up 21.3% on a year-over-year basis. On average, equities research analysts expect that Fortinet Inc will post 0.96 EPS for the current year.

A number of equities analysts recently commented on FTNT shares. BidaskClub cut Fortinet from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 23rd. Royal Bank of Canada lifted their price target on Fortinet to $76.00 and gave the stock a “sector perform” rating in a report on Friday. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating and set a $74.00 price target for the company in a report on Friday, August 3rd. Monness Crespi & Hardt lifted their price target on Fortinet from $76.00 to $91.00 and gave the stock a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. lifted their price target on Fortinet from $76.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $77.29.

In other news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $76.50, for a total transaction of $95,625.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $85.50, for a total value of $599,782.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,540 shares of company stock valued at $1,107,574. Corporate insiders own 17.70% of the company’s stock.

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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