KCM Investment Advisors LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,390 shares of the company’s stock after buying an additional 315 shares during the period. KCM Investment Advisors LLC’s holdings in Fortinet were worth $347,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. BlackRock Fund Advisors increased its position in shares of Fortinet by 3.7% in the third quarter. BlackRock Fund Advisors now owns 5,741,771 shares of the company’s stock worth $212,044,000 after buying an additional 206,800 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Fortinet by 22.3% in the third quarter. Ameriprise Financial Inc. now owns 4,778,447 shares of the company’s stock worth $176,464,000 after buying an additional 872,457 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in shares of 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 in the last quarter. Wasatch Advisors Inc. increased its position in shares of Fortinet by 5.5% in the third quarter. Wasatch Advisors Inc. now owns 2,425,775 shares of the company’s stock worth $89,584,000 after buying an additional 127,262 shares in the last quarter. Finally, Fiera Capital Corp acquired a new position in shares of Fortinet during the second quarter worth approximately $46,487,000. 71.48% of the stock is owned by institutional investors.
Fortinet, Inc. (NASDAQ:FTNT) traded down 0.90% during trading on Wednesday, reaching $37.42. The company’s stock had a trading volume of 2,624,541 shares. The company has a market cap of $6.49 billion, a P/E ratio of 207.89 and a beta of 1.28. The company’s 50 day moving average price is $32.25 and its 200 day moving average price is $33.03. Fortinet, Inc. has a 52 week low of $23.16 and a 52 week high of $38.33.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.09. Fortinet had a net margin of 2.09% and a return on equity of 4.74%. The company earned $362.80 million during the quarter, compared to analyst estimates of $344.59 million. During the same quarter in the previous year, the business earned $0.18 EPS. The firm’s revenue was up 22.4% on a year-over-year basis. On average, equities analysts anticipate that Fortinet, Inc. will post $0.88 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on FTNT shares. Morgan Stanley upgraded Fortinet from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $33.00 to $39.00 in a research report on Tuesday, November 15th. Gabelli reiterated a “buy” rating on shares of Fortinet in a research report on Monday, December 12th. Nomura dropped their price target on Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, October 12th. First Analysis started coverage on Fortinet in a research report on Friday, October 21st. They set an “equal weight” rating and a $32.00 price target on the stock. Finally, Stephens cut Fortinet from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $43.00 to $32.00 in a research report on Wednesday, October 12th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $37.83.
In other news, CFO Matto Andrew H. Del sold 2,750 shares of the business’s stock in a transaction on Monday, December 5th. The shares were sold at an average price of $29.39, for a total value of $80,822.50. Following the completion of the transaction, the chief financial officer now owns 6,418 shares of the company’s stock, valued at approximately $188,625.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP John Whittle sold 13,135 shares of the business’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $37.15, for a total transaction of $487,965.25. Following the completion of the transaction, the vice president now directly owns 10,005 shares of the company’s stock, valued at approximately $371,685.75. The disclosure for this sale can be found here. Insiders sold a total of 216,530 shares of company stock valued at $7,306,303 in the last three months. 16.40% of the stock is owned by company insiders.
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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