Amalgamated Bank Has $895,000 Position in Fortinet Inc (FTNT)

Amalgamated Bank cut its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 16.6% during the first quarter, Holdings Channel reports. The fund owned 23,343 shares of the software maker’s stock after selling 4,655 shares during the period. Amalgamated Bank’s holdings in Fortinet were worth $895,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in FTNT. BlackRock Inc. raised its stake in Fortinet by 7,159.6% in the first quarter. BlackRock Inc. now owns 13,177,758 shares of the software maker’s stock valued at $505,365,000 after buying an additional 12,996,236 shares during the last quarter. Vanguard Group Inc. raised its stake in Fortinet by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock valued at $455,881,000 after buying an additional 563,667 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Fortinet by 6.2% in the first quarter. Ameriprise Financial Inc. now owns 4,309,932 shares of the software maker’s stock valued at $165,282,000 after buying an additional 252,158 shares during the last quarter. Renaissance Technologies LLC raised its stake in Fortinet by 45.0% in the first quarter. Renaissance Technologies LLC now owns 3,795,400 shares of the software maker’s stock valued at $145,554,000 after buying an additional 1,177,300 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in Fortinet during the first quarter valued at about $77,398,000. 73.32% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Fortinet Inc (NASDAQ:FTNT) traded down 1.13% during mid-day trading on Tuesday, reaching $37.57. 522,408 shares of the company were exchanged. The company’s 50 day moving average price is $39.19 and its 200-day moving average price is $35.98. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 163.35 and a beta of 1.05. Fortinet Inc has a 12-month low of $28.50 and a 12-month high of $41.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, April 27th. The software maker reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.05. Fortinet had a net margin of 3.15% and a return on equity of 4.95%. The business had revenue of $340.60 million during the quarter, compared to analysts’ expectations of $334.44 million. During the same quarter in the previous year, the company earned $0.12 EPS. The business’s revenue was up 19.7% on a year-over-year basis. On average, equities research analysts forecast that Fortinet Inc will post $0.91 earnings per share for the current fiscal year.

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FTNT has been the subject of several analyst reports. Susquehanna Bancshares Inc initiated coverage on shares of Fortinet in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price objective for the company. BMO Capital Markets raised shares of Fortinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $46.00 in a research note on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co lifted their price objective on shares of Fortinet from $38.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Robert W. Baird raised shares of Fortinet from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $38.00 to $50.00 in a research note on Wednesday, March 29th. Finally, Vetr raised shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a research report on Monday, April 24th. Seven equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $41.26.

In other Fortinet news, Director Christopher B. Paisley sold 6,000 shares of Fortinet stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $39.04, for a total value of $234,240.00. Following the completion of the sale, the director now owns 67,949 shares in the company, valued at approximately $2,652,728.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $40.73, for a total transaction of $25,415.52. Following the completion of the sale, the insider now owns 978 shares of the company’s stock, valued at approximately $39,833.94. The disclosure for this sale can be found here. Insiders sold a total of 29,857 shares of company stock valued at $1,178,454 in the last quarter. Corporate insiders own 17.00% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:FTNT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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