BlackRock Advisors LLC increased its stake in shares of Fortinet Inc. (NASDAQ:FTNT) by 4.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 185,992 shares of the company’s stock after buying an additional 7,461 shares during the period. BlackRock Advisors LLC owned approximately 0.11% of Fortinet worth $5,876,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its stake in Fortinet by 179.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,464 shares of the company’s stock worth $204,000 after buying an additional 4,153 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Fortinet during the second quarter worth about $210,000. Westpac Banking Corp boosted its stake in Fortinet by 347.0% in the second quarter. Westpac Banking Corp now owns 56,464 shares of the company’s stock worth $1,640,000 after buying an additional 43,831 shares during the last quarter. Mizuho Asset Management Co. Ltd. acquired a new stake in Fortinet during the second quarter worth about $246,000. Finally, Principal Financial Group Inc. boosted its stake in Fortinet by 13.9% in the second quarter. Principal Financial Group Inc. now owns 558,034 shares of the company’s stock worth $17,629,000 after buying an additional 68,276 shares during the last quarter. 70.65% of the stock is owned by hedge funds and other institutional investors.
Fortinet Inc. (NASDAQ:FTNT) opened at 31.01 on Friday. Fortinet Inc. has a 52-week low of $23.16 and a 52-week high of $44.63. The stock has a 50 day moving average price of $35.58 and a 200 day moving average price of $33.62. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 838.11 and a beta of 1.62.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $304.71 million. Fortinet had a return on equity of 0.68% and a net margin of 0.07%. The firm’s revenue was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 earnings per share. Equities research analysts forecast that Fortinet Inc. will post $0.70 earnings per share for the current year.
A number of analysts have recently issued reports on FTNT shares. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of Fortinet in a research report on Friday, July 15th. Zacks Investment Research cut Fortinet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. Citigroup Inc. cut their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. Pacific Crest reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, July 29th. Finally, Wunderlich started coverage on Fortinet in a research report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $36.16.
In related news, VP John Whittle sold 834 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $36.70, for a total value of $30,607.80. Following the transaction, the vice president now owns 5,515 shares of the company’s stock, valued at $202,400.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total value of $117,942.50. Following the completion of the transaction, the chief financial officer now directly owns 9,686 shares in the company, valued at approximately $351,504.94. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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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