Bank of Hawaii Increases Stake in Fortinet Inc (FTNT)

Bank of Hawaii grew its holdings in Fortinet Inc (NASDAQ:FTNT) by 98.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,780 shares of the software maker’s stock after buying an additional 7,830 shares during the quarter. Bank of Hawaii’s holdings in Fortinet were worth $1,456,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FTNT. Schroder Investment Management Group increased its position in Fortinet by 411.0% in the second quarter. Schroder Investment Management Group now owns 1,370,987 shares of the software maker’s stock worth $36,654,000 after purchasing an additional 1,102,708 shares during the period. Altshuler Shaham Ltd acquired a new stake in Fortinet in the second quarter worth about $66,610,000. Janus Henderson Group PLC grew its position in shares of Fortinet by 655.2% during the 2nd quarter. Janus Henderson Group PLC now owns 611,465 shares of the software maker’s stock worth $38,174,000 after buying an additional 530,500 shares during the period. KBC Group NV grew its position in shares of Fortinet by 306.3% during the 2nd quarter. KBC Group NV now owns 665,249 shares of the software maker’s stock worth $41,531,000 after buying an additional 501,529 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd grew its position in shares of Fortinet by 22.7% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,786,803 shares of the software maker’s stock worth $164,868,000 after buying an additional 330,288 shares during the period. Institutional investors own 70.74% of the company’s stock.

NASDAQ:FTNT opened at $68.54 on Friday. The company has a market cap of $11.42 billion, a price-to-earnings ratio of 131.81, a P/E/G ratio of 3.91 and a beta of 0.81. Fortinet Inc has a twelve month low of $40.50 and a twelve month 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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The firm had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 EPS. Sell-side analysts forecast that Fortinet Inc will post 1.02 earnings per share for the current fiscal year.

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Fortinet to $76.00 and gave the stock a “neutral” rating in a research report on Thursday, August 2nd. Bank of America boosted their target price on Fortinet from $70.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. ValuEngine lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. Royal Bank of Canada boosted their target price on Fortinet to $76.00 and gave the stock a “sector perform” rating in a research report on Friday, November 2nd. Finally, Zacks Investment Research restated a “buy” rating and set a $84.00 target price on shares of Fortinet in a research report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $78.77.

In related news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $88.65, for a total transaction of $110,812.50. Following the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at approximately $825,242.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher B. Paisley sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $65.77, for a total value of $65,770.00. Following the transaction, the director now directly owns 74,621 shares in the company, valued at $4,907,823.17. The disclosure for this sale can be found here. Insiders have sold a total of 91,730 shares of company stock worth $7,458,480 in the last ninety days. Insiders own 17.70% of the company’s stock.

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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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