State of Tennessee Treasury Department boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 28.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,100 shares of the software maker’s stock after buying an additional 30,000 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.08% of Fortinet worth $4,806,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Prudential Financial Inc. increased its holdings in Fortinet by 43.9% in the second quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock valued at $39,911,000 after buying an additional 325,210 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Fortinet by 29.2% in the second quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock valued at $3,074,000 after acquiring an additional 18,569 shares in the last quarter. Oak Ridge Investments LLC boosted its stake in Fortinet by 4.2% in the second quarter. Oak Ridge Investments LLC now owns 859,457 shares of the software maker’s stock valued at $32,178,000 after acquiring an additional 34,905 shares in the last quarter. Great Lakes Advisors LLC boosted its stake in Fortinet by 55.3% in the second quarter. Great Lakes Advisors LLC now owns 43,345 shares of the software maker’s stock valued at $1,623,000 after acquiring an additional 15,430 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in Fortinet by 5.6% in the second quarter. Westfield Capital Management Co. LP now owns 1,506,653 shares of the software maker’s stock valued at $56,409,000 after acquiring an additional 80,295 shares in the last quarter. 69.41% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have issued reports on the stock. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Tuesday, September 26th. Oppenheimer Holdings, Inc. restated a “buy” rating and issued a $45.00 price objective on shares of Fortinet in a research note on Monday, September 18th. Piper Jaffray Companies restated a “buy” rating and issued a $50.00 price objective on shares of Fortinet in a research note on Thursday, October 12th. Finally, BMO Capital Markets restated a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research note on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $44.00.
In other Fortinet news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $40.02, for a total value of $160,080.00. Following the completion of the transaction, the director now directly owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,585 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the transaction, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at $259,179,700. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,317 shares of company stock valued at $762,360. 17.00% of the stock is currently owned by corporate insiders.
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Fortinet, Inc. (NASDAQ FTNT) opened at $40.02 on Wednesday. The stock has a market cap of $7,016.87, a PE ratio of 73.36, a P/E/G ratio of 4.97 and a beta of 0.91. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. The firm had revenue of $374.20 million during the quarter, compared to analysts’ expectations of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. analysts anticipate that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.
Fortinet declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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