WESPAC Advisors SoCal LLC bought a new stake in Fortinet Inc (NASDAQ:FTNT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,135 shares of the software maker’s stock, valued at approximately $471,000.
Several other hedge funds also recently bought and sold shares of FTNT. Valeo Financial Advisors LLC lifted its holdings in shares of Fortinet by 2,117.4% in the second 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. Amica Retiree Medical Trust bought a new stake in Fortinet during the second quarter worth $51,000. Employers Holdings Inc. bought a new stake in Fortinet during the second quarter worth $54,000. North Star Investment Management Corp. bought a new stake in Fortinet during the third quarter worth $62,000. Finally, CSat Investment Advisory L.P. lifted its holdings in Fortinet by 207.2% during the second quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock worth $73,000 after acquiring an additional 636 shares during the period. Institutional investors own 70.67% of the company’s stock.
FTNT has been the topic of a number of recent analyst reports. Barclays reiterated a “hold” rating and set a $99.00 price target on shares of Fortinet in a report on Sunday, August 4th. Morgan Stanley lifted their price target on Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Monness Crespi & Hardt reiterated a “buy” rating and set a $102.00 price target (up from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Robert W. Baird set a $100.00 price target on Fortinet and gave the stock a “hold” rating in a report on Sunday, September 15th. Finally, JPMorgan Chase & Co. upgraded Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target on the stock in a report on Monday, June 24th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $87.52.
In other 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 completion of the transaction, the director now directly owns 75,213 shares in the company, valued at $6,071,193.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 8,000 shares of Fortinet stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $81.33, for a total value of $650,640.00. Following the completion of the transaction, the chief executive officer now owns 12,523,273 shares of the company’s stock, valued at $1,018,517,793.09. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,000 shares of company stock worth $3,856,560. Corporate insiders own 17.20% of the company’s stock.
Shares of FTNT traded up $0.98 during mid-day trading on Thursday, hitting $78.75. The stock had a trading volume of 43,102 shares, compared to its average volume of 1,132,227. The firm has a market cap of $13.34 billion, a P/E ratio of 69.57, a PEG ratio of 3.97 and a beta of 1.07. The business has a fifty day moving average price of $78.44 and a 200-day moving average price of $81.44. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The firm had revenue of $521.70 million for the quarter, compared to analyst estimates of $511.38 million. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The business’s revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. As a group, research analysts predict that Fortinet Inc will post 1.43 earnings per share for the current year.
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 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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