MERIAN GLOBAL INVESTORS UK Ltd lifted its position in shares of Fortinet Inc (NASDAQ:FTNT) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,682,806 shares of the software maker’s stock after purchasing an additional 83,797 shares during the period. Fortinet accounts for 2.1% of MERIAN GLOBAL INVESTORS UK Ltd’s portfolio, making the stock its 4th largest holding. MERIAN GLOBAL INVESTORS UK Ltd’s holdings in Fortinet were worth $225,275,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Fortinet by 7.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,479 shares of the software maker’s stock worth $712,000 after buying an additional 579 shares during the period. Stratos Wealth Partners LTD. bought a new stake in shares of Fortinet during the 1st quarter worth about $365,000. Karp Capital Management Corp boosted its holdings in shares of Fortinet by 4,036.9% during the 1st quarter. Karp Capital Management Corp now owns 13,445 shares of the software maker’s stock worth $1,129,000 after buying an additional 13,120 shares during the period. Shaker Investments LLC OH bought a new stake in shares of Fortinet during the 1st quarter worth about $621,000. Finally, CIBC Asset Management Inc boosted its holdings in shares of Fortinet by 30.4% during the 1st quarter. CIBC Asset Management Inc now owns 17,054 shares of the software maker’s stock worth $1,432,000 after buying an additional 3,975 shares during the period. Institutional investors own 70.88% of the company’s stock.
FTNT has been the subject of several research analyst reports. BidaskClub downgraded shares of Fortinet from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 5th. Zacks Investment Research downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, February 6th. BMO Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. OTR Global downgraded shares of Fortinet to a “positive” rating in a report on Friday, January 18th. Finally, Oppenheimer lifted their target price on shares of Fortinet from $88.00 to $97.00 and gave the stock an “outperform” rating in a report on Thursday, February 7th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $85.13.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.26. The firm had revenue of $472.60 million during the quarter, compared to the consensus estimate of $471.90 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.33 EPS. On average, equities research analysts expect that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.
In other news, CFO Keith Jensen sold 1,850 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $81.17, for a total value of $150,164.50. Following the completion of the transaction, the chief financial officer now directly owns 1,607 shares in the company, valued at approximately $130,440.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Whittle sold 1,580 shares of the business’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $83.44, for a total transaction of $131,835.20. The disclosure for this sale can be found here. Insiders sold a total of 104,843 shares of company stock valued at $8,875,544 over the last 90 days. Corporate insiders own 17.70% of the company’s stock.
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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