Stanley Laman Group Ltd. Purchases New Stake in Fortinet Inc (NASDAQ:FTNT)

Stanley Laman Group Ltd. purchased a new stake in Fortinet Inc (NASDAQ:FTNT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,021 shares of the software maker’s stock, valued at approximately $232,000.

Other institutional investors have also bought and sold shares of the company. Hartford Investment Management Co. raised its holdings in Fortinet by 0.7% during the second quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock worth $1,255,000 after purchasing an additional 121 shares during the last quarter. Signaturefd LLC raised its holdings in Fortinet by 10.7% during the first quarter. Signaturefd LLC now owns 1,288 shares of the software maker’s stock worth $108,000 after purchasing an additional 125 shares during the last quarter. World Asset Management Inc raised its holdings in Fortinet by 1.6% during the second quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock worth $722,000 after purchasing an additional 147 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in Fortinet by 2.7% during the first quarter. Sheets Smith Wealth Management now owns 7,004 shares of the software maker’s stock worth $588,000 after purchasing an additional 184 shares during the last quarter. Finally, SeaCrest Wealth Management LLC raised its holdings in Fortinet by 7.0% during the second quarter. SeaCrest Wealth Management LLC now owns 3,040 shares of the software maker’s stock worth $234,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 72.38% of the company’s stock.

Several brokerages recently issued reports on FTNT. Robert W. Baird reaffirmed a “hold” rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, August 2nd. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $102.00 price objective (up from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Citigroup lifted their price objective on Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Bank of America raised Fortinet from a “neutral” rating to a “buy” rating in a report on Friday, August 2nd. Finally, Barclays reissued a “hold” rating and issued a $99.00 price target on shares of Fortinet in a report on Sunday, August 4th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $87.96.

In related news, CEO Ken Xie sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $82.58, for a total value of $660,640.00. Following the completion of the transaction, the chief executive officer now directly owns 12,521,600 shares in the company, valued at $1,034,033,728. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $70.43, for a total value of $2,817,200.00. Following the completion of the transaction, the vice president now owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The disclosure for this sale can be found here. Insiders sold 52,749 shares of company stock valued at $3,858,465 over the last quarter. Insiders own 17.20% of the company’s stock.

Fortinet stock traded down $0.26 during trading on Thursday, hitting $80.45. The company’s stock had a trading volume of 29,900 shares, compared to its average volume of 1,740,378. The stock has a market capitalization of $14.05 billion, a PE ratio of 71.56, a price-to-earnings-growth ratio of 3.75 and a beta of 1.08. The stock has a fifty day moving average price of $82.52. Fortinet Inc has a 1-year low of $64.41 and a 1-year high of $96.96.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.28. The firm had revenue of $521.70 million during the quarter, compared to analyst estimates of $511.38 million. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. Research analysts expect that Fortinet Inc will post 1.42 earnings per share for the current fiscal year.

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.

See Also: What factors cause inflation to rise?

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.