PFG Advisors Takes $671,000 Position in Fortinet Inc (NASDAQ:FTNT)

PFG Advisors acquired a new stake in shares of Fortinet Inc (NASDAQ:FTNT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,855 shares of the software maker’s stock, valued at approximately $671,000.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Valeo Financial Advisors LLC lifted its position in shares of Fortinet by 2,117.4% during the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after purchasing an additional 487 shares in the last quarter. Bremer Bank National Association bought a new position in shares of Fortinet during the first quarter valued at about $44,000. Amica Retiree Medical Trust bought a new position in shares of Fortinet during the second quarter valued at about $51,000. Employers Holdings Inc. bought a new position in shares of Fortinet during the second quarter valued at about $54,000. Finally, CWM LLC raised its position in Fortinet by 299.6% in the second quarter. CWM LLC now owns 991 shares of the software maker’s stock worth $76,000 after acquiring an additional 743 shares during the period. Hedge funds and other institutional investors own 71.55% of the company’s stock.

Several analysts have commented on the stock. BidaskClub lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Wednesday. Cowen assumed coverage on shares of Fortinet in a research report on Thursday, May 23rd. They issued a “market perform” rating and a $85.00 price objective on the stock. ValuEngine lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Barclays reaffirmed a “hold” rating and issued a $99.00 price objective on shares of Fortinet in a research report on Sunday, August 4th. Finally, Citigroup lifted their price objective on shares of Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Fortinet currently has a consensus rating of “Hold” and a consensus price target of $87.96.

In related news, Director Christopher B. Paisley sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total transaction of $80,720.00. Following the completion of the transaction, the director now owns 75,213 shares of the company’s stock, valued at $6,071,193.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the transaction, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,250 shares of company stock valued at $2,991,958. 17.20% of the stock is owned by corporate insiders.

Shares of NASDAQ FTNT traded down $0.75 during midday trading on Thursday, hitting $81.22. The company’s stock had a trading volume of 169,550 shares, compared to its average volume of 1,750,298. The stock has a fifty day moving average price of $83.08 and a 200 day moving average price of $82.80. Fortinet Inc has a one year low of $64.41 and a one year high of $96.96. The firm has a market capitalization of $14.02 billion, a price-to-earnings ratio of 71.87, a P/E/G ratio of 3.70 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.30 by $0.28. The company had revenue of $521.70 million during the quarter, compared to analysts’ expectations of $511.38 million. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. Fortinet’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.41 earnings per share. As a group, analysts expect that Fortinet Inc will post 1.42 EPS for the current year.

About Fortinet

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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