Dynamic Technology Lab Private Ltd Acquires New Position in Fortinet Inc (NASDAQ:FTNT)

Dynamic Technology Lab Private Ltd acquired a new position in Fortinet Inc (NASDAQ:FTNT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,848 shares of the software maker’s stock, valued at approximately $1,247,000.

Several other institutional investors have also bought and sold shares of the company. Meitav Dash Investments Ltd. increased its stake in Fortinet by 9.0% during the 1st quarter. Meitav Dash Investments Ltd. now owns 14,932 shares of the software maker’s stock worth $1,230,000 after buying an additional 1,230 shares in the last quarter. King Luther Capital Management Corp increased its stake in Fortinet by 2.3% during the 1st quarter. King Luther Capital Management Corp now owns 44,982 shares of the software maker’s stock worth $3,777,000 after buying an additional 1,030 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in Fortinet during the 1st quarter worth approximately $1,274,000. Campbell & CO Investment Adviser LLC purchased a new stake in Fortinet during the 1st quarter worth approximately $535,000. Finally, GAM Holding AG purchased a new stake in Fortinet during the 1st quarter worth approximately $247,000. 73.26% of the stock is owned by hedge funds and other institutional investors.

Shares of Fortinet stock traded up $0.08 during trading hours on Friday, reaching $76.83. 2,056,411 shares of the company were exchanged, compared to its average volume of 1,565,001. The company has a market capitalization of $13.12 billion, a price-to-earnings ratio of 67.99, a PEG ratio of 3.90 and a beta of 1.13. The firm has a fifty day moving average of $77.14. Fortinet Inc has a 1 year low of $61.90 and a 1 year high of $96.96.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating the consensus estimate of $0.20 by $0.26. The firm had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. Fortinet’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.33 earnings per share. Sell-side analysts predict that Fortinet Inc will post 1.31 earnings per share for the current year.

Several equities research analysts have commented on FTNT shares. Northland Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Fortinet in a research note on Friday, May 3rd. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Citigroup lowered Fortinet from a “neutral” rating to a “sell” rating and dropped their price target for the company from $84.00 to $78.00 in a research report on Friday, May 3rd. Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price target (up from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, OTR Global upgraded Fortinet to a “positive” rating in a research report on Monday, April 15th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $85.54.

In other news, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the sale, the director now owns 72,621 shares in the company, valued at $5,927,326.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total transaction of $660,640.00. Following the completion of the sale, the chief executive officer now owns 12,521,600 shares of the company’s stock, valued at approximately $1,034,033,728. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,513 shares of company stock worth $4,855,024. Corporate insiders own 17.20% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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