Bridgecreek Investment Management LLC Takes Position in Fortinet, Inc. (FTNT)

Bridgecreek Investment Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 53,975 shares of the software maker’s stock, valued at approximately $1,934,000.

Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares during the period. Vanguard Group Inc. lifted its stake in shares of Fortinet by 2.5% during the second quarter. Vanguard Group Inc. now owns 12,185,422 shares of the software maker’s stock valued at $456,222,000 after buying an additional 298,051 shares during the period. State Street Corp lifted its stake in shares of Fortinet by 3.0% during the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock valued at $171,534,000 after buying an additional 132,054 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after buying an additional 726,300 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Fortinet by 12.7% during the second quarter. Bank of New York Mellon Corp now owns 3,455,364 shares of the software maker’s stock valued at $129,370,000 after buying an additional 390,450 shares during the period. Institutional investors and hedge funds own 69.41% of the company’s stock.

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In other Fortinet news, VP John Whittle sold 3,883 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $40.00, for a total transaction of $155,320.00. Following the completion of the transaction, the vice president now directly owns 4,681 shares of the company’s stock, valued at approximately $187,240. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Keith Jensen sold 1,850 shares of the firm’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $39.20, for a total transaction of $72,520.00. Following the transaction, the insider now directly owns 1,374 shares of the company’s stock, valued at $53,860.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,985 shares of company stock valued at $390,920. 17.00% of the stock is owned by company insiders.

A number of equities analysts have weighed in on FTNT shares. Piper Jaffray Companies set a $50.00 price target on shares of Fortinet and gave the stock a “buy” rating in a research note on Friday, August 25th. Credit Suisse Group started coverage on shares of Fortinet in a research note on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price target on the stock. Deutsche Bank AG raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $36.00 to $48.00 in a research note on Wednesday, October 18th. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 price target on shares of Fortinet in a research note on Friday, September 1st. Finally, Zacks Investment Research downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $44.00.

Fortinet, Inc. (NASDAQ:FTNT) traded up $0.28 on Monday, reaching $40.22. 1,071,189 shares of the company were exchanged, compared to its average volume of 1,721,397. The firm has a market cap of $6,990.00, a price-to-earnings ratio of 72.62, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91. Fortinet, Inc. has a 1-year low of $28.50 and a 1-year high of $41.56.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period last year, the business earned $0.18 EPS. sell-side analysts anticipate that Fortinet, Inc. will post 0.48 earnings per share for the current year.

Fortinet declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

About Fortinet

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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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