Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Texas Permanent School Fund
Texas Permanent School Fund increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,075 shares of the software maker’s stock after buying an additional 1,182 shares during the period. Texas Permanent School Fund owned 0.06% of Fortinet worth $4,084,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in FTNT. Ropes Wealth Advisors LLC raised its stake in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock valued at $106,000 after buying an additional 275 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Fortinet by 21.4% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,060 shares of the software maker’s stock valued at $116,000 after buying an additional 540 shares during the period. Thompson Davis & CO. Inc. boosted its stake in shares of Fortinet by 523.8% in the first quarter. Thompson Davis & CO. Inc. now owns 3,275 shares of the software maker’s stock valued at $126,000 after buying an additional 2,750 shares during the period. NEXT Financial Group Inc boosted its stake in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after buying an additional 4,324 shares during the period. Finally, Flinton Capital Management LLC boosted its stake in shares of Fortinet by 9.3% in the first quarter. Flinton Capital Management LLC now owns 4,512 shares of the software maker’s stock valued at $173,000 after buying an additional 384 shares during the period. 72.98% of the stock is owned by institutional investors and hedge funds.
Fortinet, Inc. (NASDAQ FTNT) traded up 1.02% during midday trading on Friday, reaching $36.48. The company had a trading volume of 1,197,582 shares. Fortinet, Inc. has a one year low of $28.51 and a one year high of $41.56. The stock’s 50 day moving average price is $38.35 and its 200-day moving average price is $37.91. The firm has a market capitalization of $6.41 billion, a P/E ratio of 99.95 and a beta of 1.02.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
FTNT has been the subject of several recent analyst reports. Zacks Investment Research raised Fortinet from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Friday, July 7th. Dougherty & Co raised their target price on Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Vetr raised 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. OTR Global raised Fortinet to a “positive” rating in a research report on Wednesday, July 5th. Finally, BMO Capital Markets raised Fortinet from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $46.00 in a research report on Friday, April 21st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and an average target price of $41.56.
In related news, VP John Whittle sold 2,091 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the sale, the vice president now owns 7,181 shares in the company, valued at approximately $260,454.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,258 shares of company stock worth $535,475. Company insiders own 16.40% of the company’s stock.
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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