Raymond James Financial Services Advisors Inc. increased its stake in Fortinet Inc (NASDAQ:FTNT) by 46.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 30,295 shares of the software maker’s stock after purchasing an additional 9,577 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fortinet were worth $2,134,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Tarbox Family Office Inc. acquired a new position in shares of Fortinet in the fourth quarter valued at $25,000. Sun Life Financial INC bought a new stake in Fortinet in the fourth quarter valued at $28,000. Guardian Life Insurance Co. of America bought a new stake in Fortinet in the fourth quarter valued at $29,000. Bremer Trust National Association bought a new stake in Fortinet in the fourth quarter valued at $33,000. Finally, Gemmer Asset Management LLC grew its position in Fortinet by 145.6% in the fourth quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock valued at $45,000 after acquiring an additional 380 shares during the period. Hedge funds and other institutional investors own 73.78% of the company’s stock.
A number of analysts have weighed in on FTNT shares. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. Oppenheimer lowered their price target on Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. OTR Global cut Fortinet to a “positive” rating in a research report on Friday, January 18th. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a report on Friday, January 18th. Finally, Guggenheim began coverage on Fortinet in a report on Monday, December 10th. They set a “neutral” rating and a $72.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Fortinet currently has an average rating of “Hold” and a consensus target price of $80.86.
NASDAQ:FTNT opened at $84.38 on Friday. Fortinet Inc has a 1-year low of $51.97 and a 1-year high of $94.37. The stock has a market capitalization of $14.27 billion, a price-to-earnings ratio of 74.67, a P/E/G ratio of 3.92 and a beta of 0.92.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The firm had revenue of $507.00 million for the quarter, compared to analyst estimates of $496.33 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The company’s quarterly revenue was up 21.7% on a year-over-year basis. Equities research analysts expect that Fortinet Inc will post 1.25 EPS for the current fiscal year.
In other news, CEO Ken Xie sold 80,000 shares of the firm’s stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $81.64, for a total transaction of $6,531,200.00. Following the sale, the chief executive officer now owns 12,613,240 shares of the company’s stock, valued at $1,029,744,913.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 11,251 shares of the firm’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $86.95, for a total value of $978,274.45. Following the sale, the chief financial officer now directly owns 10,669 shares in the company, valued at approximately $927,669.55. The disclosure for this sale can be found here. Insiders sold 197,127 shares of company stock worth $16,334,589 in the last three months. Insiders own 17.70% of the company’s stock.
Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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