Raymond James Financial Services Advisors Inc. Has $2.13 Million Holdings in Fortinet Inc (FTNT)

Raymond James Financial Services Advisors Inc. raised its stake in Fortinet Inc (NASDAQ:FTNT) by 46.2% in the fourth quarter, HoldingsChannel reports. The firm owned 30,295 shares of the software maker’s stock after acquiring an additional 9,577 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fortinet were worth $2,134,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Ontario Teachers Pension Plan Board boosted its stake in shares of Fortinet by 128.9% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 40,881 shares of the software maker’s stock worth $2,879,000 after acquiring an additional 23,022 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Fortinet by 47.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,175 shares of the software maker’s stock worth $716,000 after acquiring an additional 3,262 shares during the period. Prescott Group Capital Management L.L.C. bought a new position in shares of Fortinet during the 4th quarter worth approximately $704,000. Bremer Trust National Association bought a new position in shares of Fortinet during the 4th quarter worth approximately $33,000. Finally, Sentry Investment Management LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $518,000. Hedge funds and other institutional investors own 73.78% of the company’s stock.

Several research analysts have recently commented on the company. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating and set a $94.00 target price for the company in a research note on Tuesday, February 12th. BMO Capital Markets reissued a “market perform” rating and set a $90.00 price target (up from $78.00) on shares of Fortinet in a report on Thursday, February 7th. First Analysis raised Fortinet from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $80.00 to $92.00 in a report on Friday, February 8th. Finally, Oppenheimer lifted their price target on Fortinet from $88.00 to $97.00 and gave the stock an “outperform” rating in a report on Thursday, February 7th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Fortinet presently has an average rating of “Hold” and a consensus price target of $80.86.

NASDAQ:FTNT opened at $84.38 on Friday. The company has a market cap of $14.27 billion, a P/E ratio of 74.67, a PEG ratio of 3.92 and a beta of 0.92. Fortinet Inc has a 1-year low of $51.97 and a 1-year high of $94.37.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million during the quarter, compared to analysts’ expectations of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 EPS. Analysts predict that Fortinet Inc will post 1.25 earnings per share for the current year.

In other Fortinet news, CFO Keith Jensen sold 626 shares of Fortinet stock in a transaction on Monday, December 24th. The stock was sold at an average price of $65.00, for a total value of $40,690.00. Following the completion of the transaction, the chief financial officer now directly owns 829 shares of the company’s stock, valued at approximately $53,885. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 80,000 shares of Fortinet stock in a transaction on Monday, February 11th. The shares were sold at an average price of $81.64, for a total value of $6,531,200.00. Following the completion of the transaction, the chief executive officer now directly owns 12,613,240 shares of the company’s stock, valued at $1,029,744,913.60. The disclosure for this sale can be found here. Insiders sold a total of 197,127 shares of company stock valued at $16,334,589 over the last ninety days. Insiders own 17.70% of the company’s stock.

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Fortinet Company Profile

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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