GWM Advisors LLC Purchases New Position in Fortinet Inc (FTNT)

GWM Advisors LLC purchased a new stake in Fortinet Inc (NASDAQ:FTNT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,173 shares of the software maker’s stock, valued at approximately $662,000.

Several other institutional investors have also made changes to their positions in FTNT. Radnor Capital Management LLC increased its stake in Fortinet by 7.7% during the 3rd quarter. Radnor Capital Management LLC now owns 8,400 shares of the software maker’s stock worth $775,000 after buying an additional 600 shares in the last quarter. MetLife Investment Advisors LLC increased its stake in Fortinet by 0.8% during the 2nd quarter. MetLife Investment Advisors LLC now owns 90,858 shares of the software maker’s stock worth $5,672,000 after buying an additional 682 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Fortinet by 6.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 11,776 shares of the software maker’s stock worth $735,000 after buying an additional 758 shares in the last quarter. Xact Kapitalforvaltning AB increased its stake in Fortinet by 5.2% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 15,732 shares of the software maker’s stock worth $982,000 after buying an additional 779 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Fortinet by 17.8% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,344 shares of the software maker’s stock worth $334,000 after buying an additional 809 shares in the last quarter. Hedge funds and other institutional investors own 71.48% of the company’s stock.

In related news, Director Ming Hsieh sold 7,015 shares of the company’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $85.50, for a total value of $599,782.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $76.50, for a total value of $95,625.00. The disclosure for this sale can be found here. Insiders sold 13,540 shares of company stock worth $1,107,574 over the last quarter. 17.70% of the stock is currently owned by insiders.

Several research firms have commented on FTNT. JPMorgan Chase & Co. boosted their price objective on Fortinet to $76.00 and gave the stock a “neutral” rating in a research note on Thursday, August 2nd. Bank of America boosted their price objective on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. ValuEngine lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Friday. Royal Bank of Canada upped their price target on Fortinet to $76.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $77.29.

FTNT stock opened at $72.56 on Friday. The company has a market capitalization of $13.90 billion, a PE ratio of 109.57, a P/E/G ratio of 5.09 and a beta of 0.81. Fortinet Inc has a 1 year low of $38.50 and a 1 year high of $94.37.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. Fortinet had a return on equity of 17.51% and a net margin of 5.43%. The business had revenue of $453.90 million during the quarter, compared to analyst estimates of $450.84 million. During the same period in the prior year, the business earned $0.28 earnings per share. The business’s revenue was up 21.3% compared to the same quarter last year. As a group, sell-side analysts predict that Fortinet Inc will post 0.96 EPS for the current fiscal year.

About Fortinet

Fortinet, Inc provides broad, automated, and integrated 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 WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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