Raymond James & Associates Grows Stake in Fortinet Inc (NASDAQ:FTNT)

Raymond James & Associates increased its holdings in Fortinet Inc (NASDAQ:FTNT) by 19.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 132,861 shares of the software maker’s stock after buying an additional 21,171 shares during the period. Raymond James & Associates owned 0.08% of Fortinet worth $18,238,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Amundi Pioneer Asset Management Inc. grew its position in Fortinet by 5.4% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock worth $4,429,000 after buying an additional 2,678 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Fortinet by 10.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,921 shares of the software maker’s stock worth $198,000 after purchasing an additional 177 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Fortinet by 3,812.0% in the fourth quarter. Macquarie Group Ltd. now owns 279,161 shares of the software maker’s stock worth $29,802,000 after purchasing an additional 272,025 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Fortinet by 7.0% in the first quarter. State of Alaska Department of Revenue now owns 44,119 shares of the software maker’s stock valued at $4,462,000 after purchasing an additional 2,891 shares in the last quarter. Finally, IBM Retirement Fund lifted its position in Fortinet by 60.8% during the first quarter. IBM Retirement Fund now owns 3,360 shares of the software maker’s stock valued at $340,000 after purchasing an additional 1,271 shares during the last quarter. Institutional investors own 72.18% of the company’s stock.

FTNT opened at $138.30 on Friday. Fortinet Inc has a one year low of $70.20 and a one year high of $151.95. The business has a 50 day simple moving average of $136.16 and a two-hundred day simple moving average of $119.84. The firm has a market capitalization of $22.36 billion, a price-to-earnings ratio of 64.63, a PEG ratio of 5.15 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Fortinet had a return on equity of 32.91% and a net margin of 16.44%. The firm had revenue of $576.90 million for the quarter, compared to analysts’ expectations of $554.22 million. During the same period in the previous year, the firm earned $0.46 earnings per share. The business’s revenue was up 22.1% compared to the same quarter last year. On average, analysts anticipate that Fortinet Inc will post 1.92 earnings per share for the current fiscal year.

FTNT has been the topic of several research reports. Mizuho restated a “hold” rating and set a $123.00 price objective on shares of Fortinet in a research report on Wednesday, May 13th. Goldman Sachs Group downgraded Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the company from $129.00 to $140.00 in a research report on Wednesday, July 15th. OTR Global cut Fortinet to a “positive” rating in a report on Wednesday, July 15th. Robert W. Baird increased their price objective on Fortinet from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Finally, Bank of America restated a “buy” rating and issued a $140.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Thursday, May 7th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $126.81.

In other Fortinet news, CFO Keith Jensen sold 1,750 shares of Fortinet stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $141.00, for a total transaction of $246,750.00. Following the sale, the chief financial officer now directly owns 3,932 shares of the company’s stock, valued at approximately $554,412. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 2,835 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $105.63, for a total value of $299,461.05. Following the transaction, the vice president now owns 6,168,500 shares in the company, valued at approximately $651,578,655. The disclosure for this sale can be found here. Insiders sold a total of 42,728 shares of company stock valued at $5,900,055 over the last 90 days. Company insiders own 17.20% of the company’s stock.

Fortinet Profile

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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