Capital Impact Advisors LLC continued to hold its stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,103 shares of the software maker’s stock at the end of the second quarter. Fortinet makes up about 0.8% of Capital Impact Advisors LLC’s holdings, making the stock its 29th largest position. Capital Impact Advisors LLC’s holdings in Fortinet were worth $1,801,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. LS Investment Advisors LLC increased its stake in Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock worth $514,000 after buying an additional 96 shares in the last quarter. Capstone Asset Management Co. increased its stake in Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock worth $653,000 after buying an additional 200 shares in the last quarter. Fisher Asset Management LLC increased its stake in Fortinet by 0.8% in the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock worth $1,177,000 after buying an additional 252 shares in the last quarter. Finally, Ropes Wealth Advisors LLC increased 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 worth $106,000 after buying an additional 275 shares in the last quarter. 72.98% of the stock is owned by hedge funds and other institutional investors.
Fortinet, Inc. (FTNT) traded up 1.02% during midday trading on Friday, hitting $36.48. 1,197,582 shares of the stock were exchanged. The stock has a market cap of $6.41 billion, a PE ratio of 99.95 and a beta of 1.02. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56. The company’s 50 day moving average is $38.35 and its 200-day moving average is $37.91.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The company had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. During the same period in the previous year, the firm earned $0.14 earnings per share. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts expect that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet announced that its board has authorized a stock 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 typically an indication that the company’s leadership believes its stock is undervalued.
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A number of analysts have issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Fortinet from $36.00 to $42.00 and gave the company a “hold” rating in a report on Monday, April 17th. UBS AG boosted their price objective on shares of Fortinet from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, April 28th. Cowen and Company restated a “buy” rating and issued a $43.00 target price on shares of Fortinet in a research report on Friday, July 28th. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $45.00 target price on shares of Fortinet in a research report on Thursday, June 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $41.56.
In related news, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total value of $25,415.52. Following the sale, the insider now owns 978 shares in the company, valued at $39,833.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction 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 completion of the sale, the vice president now owns 7,181 shares in the company, valued at approximately $260,454.87. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,258 shares of company stock worth $535,475. 16.40% of the stock is owned by insiders.
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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