Flagship Harbor Advisors LLC raised its position in Fortinet Inc (NASDAQ:FTNT) by 9.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,607 shares of the software maker’s stock after acquiring an additional 593 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Fortinet were worth $554,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Oregon Public Employees Retirement Fund raised its stake in shares of Fortinet by 3,990.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock worth $47,000 after buying an additional 3,204,555 shares during the period. Norges Bank bought a new position in shares of Fortinet in the fourth quarter worth about $108,282,000. Millennium Management LLC raised its stake in shares of Fortinet by 747.9% in the fourth quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock worth $118,967,000 after buying an additional 1,489,927 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd raised its stake in shares of Fortinet by 45.5% in the fourth quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock worth $183,048,000 after buying an additional 812,206 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Fortinet by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after buying an additional 787,230 shares during the period. 74.75% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on FTNT shares. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $76.00 price objective on the stock in a research note on Tuesday, December 18th. Goldman Sachs Group downgraded Fortinet from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $95.00 to $59.00 in a research note on Friday, January 4th. Oppenheimer decreased their price objective on Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. OTR Global downgraded Fortinet to a “positive” rating in a research note on Friday, January 18th. Finally, BidaskClub downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, January 19th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $82.26.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.11. The company had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. On average, equities analysts forecast that Fortinet Inc will post 1.25 earnings per share for the current fiscal year.
In related news, VP John Whittle sold 7,768 shares of Fortinet stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $79.69, for a total transaction of $619,031.92. Following the sale, the vice president now owns 10,559 shares of the company’s stock, valued at approximately $841,446.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 9,124 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.54, for a total value of $743,970.96. Following the sale, the vice president now directly owns 6,460,100 shares in the company, valued at approximately $526,756,554. The disclosure for this sale can be found here. Insiders have sold a total of 196,499 shares of company stock worth $16,309,857 in the last three months. 17.70% of the stock is owned by corporate insiders.
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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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