GAM Holding AG continued to hold its position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,957 shares of the software maker’s stock at the end of the 2nd quarter. GAM Holding AG’s holdings in Fortinet were worth $298,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Federated Investors Inc. PA boosted its holdings in Fortinet by 130.0% in the second quarter. Federated Investors Inc. PA now owns 566,202 shares of the software maker’s stock worth $21,198,000 after purchasing an additional 319,989 shares during the last quarter. Boston Private Wealth LLC boosted its holdings in Fortinet by 6.4% in the second quarter. Boston Private Wealth LLC now owns 8,732 shares of the software maker’s stock worth $327,000 after purchasing an additional 522 shares during the last quarter. Turner Investments LLC boosted its holdings in Fortinet by 50.6% in the second quarter. Turner Investments LLC now owns 30,000 shares of the software maker’s stock worth $1,123,000 after purchasing an additional 10,080 shares during the last quarter. KBC Group NV boosted its holdings in Fortinet by 185.0% in the second quarter. KBC Group NV now owns 153,730 shares of the software maker’s stock worth $5,756,000 after purchasing an additional 99,785 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Fortinet by 845.2% in the second quarter. BNP Paribas Arbitrage SA now owns 445,849 shares of the software maker’s stock worth $16,693,000 after acquiring an additional 398,681 shares during the period. Institutional investors own 68.99% of the company’s stock.
Several research analysts have weighed in on FTNT shares. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price target on the stock. Monness Crespi & Hardt started coverage on shares of Fortinet in a research report on Wednesday, June 14th. They set a “buy” rating and a $45.00 price objective on the stock. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a research report on Thursday, June 22nd. Finally, Northland Securities started coverage on shares of Fortinet in a research report on Thursday, June 29th. They set an “outperform” rating and a $45.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $41.30.
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Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at 38.34 on Friday. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 105.04 and a beta of 0.99. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56. The stock has a 50 day moving average of $37.31 and a 200 day moving average of $38.20.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The firm had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. During the same period last year, the company earned $0.14 earnings per share. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. Analysts forecast that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet declared that its board has initiated a stock buyback program on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the transaction, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Keith Jensen sold 950 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total value of $34,836.50. Following the completion of the transaction, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The disclosure for this sale can be found here. Insiders sold 9,558 shares of company stock worth $348,406 over the last ninety days. 16.40% of the stock is owned by corporate insiders.
Fortinet Company Profile
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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