Dean Capital Investments Management LLC Grows Stake in Fortinet Inc (NASDAQ:FTNT)

Dean Capital Investments Management LLC boosted its position in Fortinet Inc (NASDAQ:FTNT) by 21.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,880 shares of the software maker’s stock after purchasing an additional 1,722 shares during the period. Fortinet comprises 0.4% of Dean Capital Investments Management LLC’s investment portfolio, making the stock its 24th biggest position. Dean Capital Investments Management LLC’s holdings in Fortinet were worth $758,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC increased its stake in Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after purchasing an additional 487 shares in the last quarter. CENTRAL TRUST Co purchased a new position in Fortinet in the 3rd quarter valued at approximately $45,000. Amica Retiree Medical Trust purchased a new position in Fortinet in the 2nd quarter valued at approximately $51,000. Employers Holdings Inc. purchased a new position in Fortinet in the 2nd quarter valued at approximately $54,000. Finally, North Star Investment Management Corp. purchased a new position in Fortinet in the 3rd quarter valued at approximately $62,000. 70.30% of the stock is owned by hedge funds and other institutional investors.

In related news, 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 transaction, the director now owns 75,213 shares in the company, valued at $6,071,193.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the transaction, the vice president now owns 6,338,989 shares in the company, valued at approximately $495,265,210.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,000 shares of company stock valued at $3,856,560. Company insiders own 17.20% of the company’s stock.

Several research firms recently weighed in on FTNT. BidaskClub raised Fortinet from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Goldman Sachs Group initiated coverage on Fortinet in a research report on Tuesday. They set a “buy” rating and a $113.00 price target for the company. Piper Jaffray Companies initiated coverage on Fortinet in a research report on Friday. They set an “overweight” rating and a $116.00 price target for the company. BMO Capital Markets raised their price target on Fortinet from $100.00 to $104.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Finally, Bank of America raised Fortinet from a “neutral” rating to a “buy” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the stock. Fortinet has a consensus rating of “Hold” and a consensus target price of $96.29.

Shares of NASDAQ:FTNT traded up $3.11 during midday trading on Tuesday, reaching $99.06. The company’s stock had a trading volume of 29,976 shares, compared to its average volume of 1,529,884. The firm has a market cap of $16.46 billion, a price-to-earnings ratio of 87.66, a price-to-earnings-growth ratio of 4.30 and a beta of 1.08. Fortinet Inc has a 1 year low of $64.41 and a 1 year high of $98.21. The business has a 50 day moving average price of $81.27 and a 200 day moving average price of $80.95.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.11. The business had revenue of $547.50 million during the quarter, compared to the consensus estimate of $533.55 million. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. Analysts expect that Fortinet Inc will post 1.6 EPS for the current year.

About Fortinet

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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