Boston Private Wealth LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the third quarter, Holdings Channel reports. The fund owned 8,299 shares of the company’s stock after selling 600 shares during the period. Boston Private Wealth LLC’s holdings in Fortinet were worth $306,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Frontier Capital Management Co. LLC boosted its position in Fortinet by 14.6% in the second quarter. Frontier Capital Management Co. LLC now owns 3,688,217 shares of the company’s stock worth $116,511,000 after buying an additional 470,309 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Fortinet by 58.3% in the third quarter. JPMorgan Chase & Co. now owns 756,200 shares of the company’s stock worth $27,927,000 after buying an additional 278,491 shares during the last quarter. Stephens Investment Management Group LLC boosted its position in Fortinet by 10.2% in the third quarter. Stephens Investment Management Group LLC now owns 626,205 shares of the company’s stock worth $23,126,000 after buying an additional 58,211 shares during the last quarter. American Capital Management Inc. acquired a new position in Fortinet during the third quarter worth approximately $24,075,000. Finally, BlackRock Group LTD boosted its position in Fortinet by 1.9% in the third quarter. BlackRock Group LTD now owns 613,688 shares of the company’s stock worth $22,663,000 after buying an additional 11,351 shares during the last quarter. Institutional investors and hedge funds own 71.48% of the company’s stock.
Shares of Fortinet, Inc. (NASDAQ:FTNT) traded down 0.82% during mid-day trading on Friday, reaching $37.68. 1,521,512 shares of the company’s stock were exchanged. Fortinet, Inc. has a one year low of $24.39 and a one year high of $38.33. The stock has a market cap of $6.53 billion, a PE ratio of 209.33 and a beta of 1.28. The company has a 50 day moving average price of $32.79 and a 200-day moving average price of $33.07.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 2nd. The company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.09. The firm had revenue of $362.80 million for the quarter, compared to analysts’ expectations of $344.59 million. Fortinet had a net margin of 2.09% and a return on equity of 4.74%. The business’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. On average, analysts predict that Fortinet, Inc. will post $0.89 EPS for the current year.
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A number of equities analysts recently commented on FTNT shares. Morgan Stanley upgraded Fortinet from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $33.00 to $39.00 in a report on Tuesday, November 15th. Gabelli reiterated a “buy” rating on shares of Fortinet in a report on Monday, December 12th. First Analysis started coverage on Fortinet in a report on Friday, October 21st. They set an “equal weight” rating and a $32.00 price target for the company. Robert W. Baird reiterated a “neutral” rating and set a $38.00 price target (up previously from $34.00) on shares of Fortinet in a report on Friday, February 3rd. Finally, Deutsche Bank AG restated a “hold” rating on shares of Fortinet in a report on Saturday, October 15th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $37.83.
In other news, CAO Keith Jensen sold 1,300 shares of the firm’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $37.97, for a total transaction of $49,361.00. Following the sale, the chief accounting officer now owns 2,545 shares in the company, valued at approximately $96,633.65. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 69,095 shares of the firm’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $33.15, for a total transaction of $2,290,499.25. Following the sale, the vice president now owns 6,484,500 shares in the company, valued at approximately $214,961,175. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 216,530 shares of company stock worth $7,306,303. Corporate insiders own 16.40% of the company’s stock.
Fortinet Company Profile
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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