Fortinet, Inc. (FTNT) Shares Bought by Sei Investments Co.
Sei Investments Co. increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 18.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 82,506 shares of the software maker’s stock after buying an additional 13,125 shares during the period. Sei Investments Co.’s holdings in Fortinet were worth $3,089,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Ropes Wealth Advisors LLC boosted its position 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 during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in 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 position in 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 position in 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 position in 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. Institutional investors own 71.41% of the company’s stock.
Fortinet, Inc. (NASDAQ:FTNT) opened at 36.93 on Tuesday. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $41.56. The stock has a market cap of $6.49 billion, a price-to-earnings ratio of 101.18 and a beta of 1.02. The firm’s 50-day moving average price is $38.20 and its 200 day moving average price is $38.15.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The business had revenue of $363.50 million for the quarter, compared to analyst estimates of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of brokerages have commented on FTNT. Cowen and Company reiterated a “buy” rating and set a $43.00 price target on shares of Fortinet in a research report on Friday, July 28th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Wednesday, May 3rd. Royal Bank Of Canada increased their price target on shares of Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Robert W. Baird set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a research report on Thursday, July 27th. Finally, Evercore ISI set a $38.00 price target on shares of Fortinet and gave the company a “hold” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $41.56.
In other news, Director Ming Hsieh sold 4,743 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total value of $186,352.47. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Keith Jensen sold 950 shares of the stock in a transaction dated Tuesday, August 8th. The shares were 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 in the company, valued at $48,221.05. The disclosure for this sale can be found here. Insiders sold 13,634 shares of company stock worth $510,059 over the last three months. 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.
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