MAI Capital Management lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 8.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,186 shares of the software maker’s stock after acquiring an additional 1,178 shares during the period. MAI Capital Management’s holdings in Fortinet were worth $1,009,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the company. BIP Wealth LLC purchased a new stake in Fortinet in the 1st quarter worth approximately $224,000. Credit Suisse AG lifted its position in Fortinet by 7.2% during the first quarter. Credit Suisse AG now owns 2,654,279 shares of the software maker’s stock worth $176,403,000 after buying an additional 178,599 shares during the period. Bessemer Group Inc. boosted its stake in Fortinet by 1.0% in the 1st quarter. Bessemer Group Inc. now owns 1,608,175 shares of the software maker’s stock worth $106,878,000 after buying an additional 15,198 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Fortinet by 1.5% during the 1st quarter. LPL Financial LLC now owns 204,387 shares of the software maker’s stock worth $13,584,000 after acquiring an additional 3,001 shares during the period. Finally, Islay Capital Management LLC boosted its position in shares of Fortinet by 41.1% in the first quarter. Islay Capital Management LLC now owns 13,630 shares of the software maker’s stock worth $906,000 after acquiring an additional 3,970 shares during the last quarter. Institutional investors and hedge funds own 64.21% of the company’s stock.
Insider Buying and Selling at Fortinet
In related news, CFO Keith Jensen sold 24,710 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $68.18, for a total transaction of $1,684,727.80. Following the completion of the transaction, the chief financial officer now owns 4,572 shares in the company, valued at approximately $311,718.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CFO Keith Jensen sold 24,710 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $68.18, for a total value of $1,684,727.80. Following the sale, the chief financial officer now owns 4,572 shares in the company, valued at $311,718.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Patrice Perche sold 7,530 shares of the business’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $78.49, for a total value of $591,029.70. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $2,019,547.70. The disclosure for this sale can be found here. Insiders sold a total of 54,578 shares of company stock worth $3,925,267 over the last ninety days. Company insiders own 17.54% of the company’s stock.
Analyst Upgrades and Downgrades
Read Our Latest Report on Fortinet
Fortinet Trading Down 0.4 %
Shares of NASDAQ FTNT opened at $57.16 on Monday. The stock has a market capitalization of $44.89 billion, a P/E ratio of 42.98, a PEG ratio of 2.52 and a beta of 1.16. The stock’s 50 day moving average price is $71.63 and its two-hundred day moving average price is $66.57. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09. Fortinet, Inc. has a 52-week low of $42.61 and a 52-week high of $81.24.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the business posted $0.18 earnings per share. The firm’s revenue for the quarter was up 25.5% on a year-over-year basis. On average, analysts anticipate that Fortinet, Inc. will post 1.24 earnings per share for the current fiscal year.
Fortinet Profile
Fortinet, Inc provides cybersecurity and networking 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.
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