Freestone Capital Holdings LLC Invests $945,000 in Fortinet, Inc. (NASDAQ:FTNT)

Freestone Capital Holdings LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNTGet Rating) during the fourth quarter, Holdings Channel.com reports. The fund bought 2,630 shares of the software maker’s stock, valued at approximately $945,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Amundi Pioneer Asset Management Inc. increased its position in shares of 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 purchasing an additional 2,678 shares in the last quarter. Bank of Nova Scotia increased its position in Fortinet by 10.7% in the 3rd quarter. Bank of Nova Scotia now owns 22,530 shares of the software maker’s stock valued at $6,579,000 after acquiring an additional 2,176 shares during the period. Blueshift Asset Management LLC acquired a new position in Fortinet in the 3rd quarter valued at about $298,000. Arrowstreet Capital Limited Partnership increased its position in Fortinet by 858.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 131,700 shares of the software maker’s stock valued at $38,462,000 after acquiring an additional 117,960 shares during the period. Finally, Fort L.P. acquired a new position in Fortinet in the 3rd quarter valued at about $508,000. Institutional investors and hedge funds own 67.47% of the company’s stock.

A number of brokerages have weighed in on FTNT. Citigroup lifted their price objective on Fortinet from $390.00 to $405.00 and gave the company a “buy” rating in a report on Friday, February 4th. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $330.00 price objective on the stock in a report on Monday, February 7th. Bank of America lowered Fortinet from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $385.00 to $355.00 in a report on Friday, March 25th. UBS Group lowered their price objective on Fortinet from $370.00 to $340.00 and set a “neutral” rating on the stock in a report on Friday, February 4th. Finally, TheStreet lowered Fortinet from a “b” rating to a “c+” rating in a research note on Tuesday, May 10th. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $355.29.

FTNT stock opened at $297.87 on Friday. The stock’s 50 day moving average price is $308.59 and its 200 day moving average price is $314.88. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.20 and a current ratio of 1.28. The firm has a market cap of $47.82 billion, a P/E ratio of 77.98, a PEG ratio of 4.36 and a beta of 1.21. Fortinet, Inc. has a 1 year low of $211.67 and a 1 year high of $371.77.

Fortinet (NASDAQ:FTNTGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.34. The company had revenue of $954.80 million during the quarter, compared to the consensus estimate of $886.45 million. Fortinet had a return on equity of 67.94% and a net margin of 17.79%. Fortinet’s revenue was up 34.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. On average, research analysts predict that Fortinet, Inc. will post 3.79 earnings per share for the current year.

In other news, CFO Keith Jensen sold 1,324 shares of the company’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $283.43, for a total transaction of $375,261.32. Following the completion of the sale, the chief financial officer now directly owns 883 shares in the company, valued at approximately $250,268.69. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Whittle sold 1,704 shares of the company’s stock in a transaction on Monday, March 21st. The stock was sold at an average price of $315.50, for a total value of $537,612.00. The disclosure for this sale can be found here. Insiders sold a total of 12,569 shares of company stock valued at $3,565,203 over the last quarter. 18.60% of the stock is currently owned by insiders.

Fortinet Profile (Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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