Evolution Wealth Advisors LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Evolution Wealth Advisors LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1,800.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 399 shares of the software maker’s stock after buying an additional 378 shares during the period. Evolution Wealth Advisors LLC’s holdings in Fortinet were worth $47,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Fortinet by 0.4% during the first quarter. State Street Corp now owns 5,818,857 shares of the software maker’s stock worth $588,694,000 after purchasing an additional 24,632 shares in the last quarter. FMR LLC boosted its stake in Fortinet by 107.7% in the second quarter. FMR LLC now owns 3,402,269 shares of the software maker’s stock valued at $467,029,000 after acquiring an additional 1,764,222 shares in the last quarter. Two Sigma Advisers LP boosted its stake in Fortinet by 50.4% in the second quarter. Two Sigma Advisers LP now owns 1,185,028 shares of the software maker’s stock valued at $162,669,000 after acquiring an additional 397,028 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Fortinet by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,097,445 shares of the software maker’s stock valued at $150,645,000 after acquiring an additional 41,465 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Fortinet by 15.1% in the second quarter. Goldman Sachs Group Inc. now owns 824,678 shares of the software maker’s stock valued at $113,204,000 after acquiring an additional 108,017 shares in the last quarter. Institutional investors own 68.37% of the company’s stock.

In other news, VP John Whittle sold 2,541 shares of Fortinet stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $117.24, for a total value of $297,906.84. Following the completion of the transaction, the vice president now directly owns 3,715 shares of the company’s stock, valued at approximately $435,546.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 2,835 shares of Fortinet stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $138.72, for a total transaction of $393,271.20. Insiders sold a total of 53,351 shares of company stock valued at $6,979,883 over the last ninety days. Company insiders own 17.20% of the company’s stock.

Shares of FTNT stock opened at $131.54 on Friday. The firm has a market cap of $21.29 billion, a P/E ratio of 54.81, a P/E/G ratio of 4.24 and a beta of 0.89. Fortinet, Inc. has a 1-year low of $70.20 and a 1-year high of $151.95. The firm has a fifty day moving average of $120.90 and a two-hundred day moving average of $126.47.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.17. Fortinet had a net margin of 17.46% and a return on equity of 40.58%. The company had revenue of $615.50 million during the quarter, compared to analyst estimates of $599.20 million. During the same period last year, the business earned $0.58 EPS. The firm’s revenue for the quarter was up 18.0% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.17 earnings per share for the current fiscal year.

A number of equities research analysts have recently commented on the stock. Morgan Stanley upped their target price on shares of Fortinet from $116.00 to $124.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. Mizuho upped their target price on shares of Fortinet from $123.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday. Credit Suisse Group upped their target price on shares of Fortinet from $110.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Monness Crespi & Hardt increased their price target on shares of Fortinet from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Goldman Sachs Group cut shares of Fortinet from a “buy” rating to a “neutral” rating and increased their price target for the stock from $129.00 to $140.00 in a report on Wednesday, July 15th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company’s stock. Fortinet has a consensus rating of “Hold” and an average price target of $130.62.

Fortinet Company 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 (WAN) acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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