First Republic Investment Management Inc. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 91.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,549 shares of the software maker's stock after selling 350,121 shares during the quarter. First Republic Investment Management Inc.'s holdings in Fortinet were worth $1,648,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in shares of Fortinet by 395.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 52,995,764 shares of the software maker's stock valued at $2,998,500,000 after buying an additional 42,299,029 shares during the last quarter. State Street Corp boosted its position in Fortinet by 380.5% in the 2nd quarter. State Street Corp now owns 25,872,049 shares of the software maker's stock worth $1,463,841,000 after purchasing an additional 20,487,614 shares in the last quarter. Northern Trust Corp grew its stake in shares of Fortinet by 363.9% during the 2nd quarter. Northern Trust Corp now owns 6,811,189 shares of the software maker's stock worth $385,377,000 after purchasing an additional 5,343,055 shares during the period. Legal & General Group Plc increased its holdings in shares of Fortinet by 407.8% during the 2nd quarter. Legal & General Group Plc now owns 6,549,130 shares of the software maker's stock valued at $370,552,000 after purchasing an additional 5,259,399 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of Fortinet by 148.6% in the 2nd quarter. FMR LLC now owns 7,416,167 shares of the software maker's stock valued at $419,606,000 after purchasing an additional 4,433,565 shares during the period. 64.35% of the stock is owned by hedge funds and other institutional investors.
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Shares of FTNT opened at $53.09 on Thursday. Fortinet, Inc. has a 12-month low of $42.61 and a 12-month high of $71.52. The firm has a market capitalization of $41.48 billion, a P/E ratio of 58.34, a P/E/G ratio of 2.69 and a beta of 1.13. The firm has a 50-day moving average price of $50.72 and a 200 day moving average price of $52.09.
Fortinet (NASDAQ:FTNT – Get Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.08. The business had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.12 billion. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The business's revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 EPS. Equities research analysts predict that Fortinet, Inc. will post 0.9 earnings per share for the current fiscal year.Analysts Set New Price Targets
FTNT has been the subject of a number of recent analyst reports. Piper Sandler cut their price objective on shares of Fortinet from $60.00 to $57.00 and set a "neutral" rating for the company in a report on Thursday, January 5th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 7th. Scotiabank initiated coverage on Fortinet in a report on Tuesday, January 17th. They issued a "sector outperform" rating and a $65.00 price objective on the stock. BMO Capital Markets reduced their target price on Fortinet from $68.00 to $58.00 and set an "outperform" rating for the company in a research note on Thursday, November 3rd. Finally, Mizuho cut shares of Fortinet from a "buy" rating to a "neutral" rating and set a $60.00 price target on the stock. in a research note on Friday, January 27th. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $65.96.
Insider Activity at Fortinet
In other Fortinet news, VP John Whittle sold 3,125 shares of the firm's stock in a transaction on Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the completion of the sale, the vice president now owns 12,876 shares of the company's stock, valued at $708,180. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 18.60% of the stock is currently owned by insiders.
Fortinet Company Profile
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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.
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