Northern Trust Corp Increases Stock Holdings in Fortinet Inc (NASDAQ:FTNT)

Northern Trust Corp increased its holdings in Fortinet Inc (NASDAQ:FTNT) by 7.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,729,708 shares of the software maker’s stock after acquiring an additional 117,736 shares during the quarter. Northern Trust Corp owned about 1.01% of Fortinet worth $132,893,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Natixis Advisors L.P. purchased a new position in Fortinet during the second quarter valued at $1,103,000. GAM Holding AG lifted its position in Fortinet by 165.5% during the second quarter. GAM Holding AG now owns 7,804 shares of the software maker’s stock valued at $600,000 after buying an additional 4,865 shares during the period. Tiverton Asset Management LLC lifted its position in Fortinet by 3.3% during the second quarter. Tiverton Asset Management LLC now owns 11,473 shares of the software maker’s stock valued at $881,000 after buying an additional 366 shares during the period. Pacer Advisors Inc. lifted its position in Fortinet by 15.3% during the second quarter. Pacer Advisors Inc. now owns 14,436 shares of the software maker’s stock valued at $1,109,000 after buying an additional 1,916 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Fortinet by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 1,186,844 shares of the software maker’s stock valued at $91,184,000 after buying an additional 37,894 shares during the period. 70.51% of the stock is owned by institutional investors.

FTNT has been the subject of several analyst reports. JPMorgan Chase & Co. upgraded Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target for the company in a report on Monday, June 24th. Barclays restated a “hold” rating and set a $99.00 price target on shares of Fortinet in a report on Sunday, August 4th. Monness Crespi & Hardt restated a “buy” rating and set a $102.00 price target (up from $97.00) on shares of Fortinet in a report on Friday, August 2nd. Bank of America upgraded Fortinet from a “neutral” rating to a “buy” rating in a report on Friday, August 2nd. Finally, Morgan Stanley raised their price target on Fortinet from $77.00 to $79.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Hold” and a consensus target price of $87.96.

In other Fortinet news, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares in the company, valued at approximately $495,265,210.57. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Whittle sold 1,250 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $75.23, for a total value of $94,037.50. Following the sale, the vice president now owns 9,309 shares of the company’s stock, valued at $700,316.07. The disclosure for this sale can be found here. Insiders sold a total of 50,250 shares of company stock valued at $3,950,598 over the last quarter. 17.20% of the stock is owned by corporate insiders.

NASDAQ FTNT traded up $0.40 during trading hours on Friday, hitting $78.77. The company’s stock had a trading volume of 306,469 shares, compared to its average volume of 1,248,080. Fortinet Inc has a 12 month low of $64.41 and a 12 month high of $96.96. The company’s 50 day simple moving average is $81.55 and its two-hundred day simple moving average is $82.54. The company has a market cap of $13.50 billion, a P/E ratio of 69.71, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.30 by $0.28. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The company had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period last year, the company earned $0.41 EPS. Fortinet’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, equities analysts predict that Fortinet Inc will post 1.43 EPS for the current year.

About Fortinet

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.

Further Reading: What does a hold rating mean?

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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