Jacobi Capital Management LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 102.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 188 shares of the software maker’s stock after acquiring an additional 95 shares during the period. Jacobi Capital Management LLC’s holdings in Fortinet were worth $35,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale grew its position in shares of Fortinet by 15.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 29,986 shares of the software maker’s stock worth $5,375,000 after acquiring an additional 3,925 shares during the last quarter. Toronto Dominion Bank grew its position in Fortinet by 20.3% in the 4th quarter. Toronto Dominion Bank now owns 81,234 shares of the software maker’s stock valued at $12,065,000 after buying an additional 13,730 shares in the last quarter. Sumitomo Life Insurance Co. bought a new position in Fortinet in the 4th quarter valued at about $1,168,000. National Pension Service grew its position in Fortinet by 4.2% in the 4th quarter. National Pension Service now owns 225,468 shares of the software maker’s stock valued at $33,489,000 after buying an additional 9,036 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its position in Fortinet by 111.4% in the 4th quarter. State of Wisconsin Investment Board now owns 182,153 shares of the software maker’s stock valued at $27,055,000 after buying an additional 95,976 shares in the last quarter. Institutional investors and hedge funds own 70.85% of the company’s stock.
In related news, VP John Whittle sold 2,411 shares of the stock in a transaction that occurred on Wednesday, April 21st. The stock was sold at an average price of $202.38, for a total value of $487,938.18. Following the transaction, the vice president now owns 1,215 shares in the company, valued at $245,891.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Ducourty sold 869 shares of the stock in a transaction that occurred on Thursday, June 3rd. The stock was sold at an average price of $216.00, for a total value of $187,704.00. Following the completion of the transaction, the director now owns 896 shares in the company, valued at approximately $193,536. The disclosure for this sale can be found here. Insiders sold 55,230 shares of company stock worth $11,691,331 in the last 90 days. 18.20% of the stock is currently owned by corporate insiders.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, April 29th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.33. The business had revenue of $710.30 million during the quarter, compared to analyst estimates of $678.91 million. Fortinet had a net margin of 17.96% and a return on equity of 54.85%. As a group, analysts forecast that Fortinet, Inc. will post 2.73 EPS for the current year.
A number of equities analysts recently issued reports on the stock. Oppenheimer reiterated an “outperform” rating and issued a $190.00 target price on shares of Fortinet in a research report on Thursday, February 11th. Piper Sandler increased their target price on shares of Fortinet from $150.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, March 10th. Cowen began coverage on shares of Fortinet in a report on Wednesday, May 26th. They issued an “outperform” rating and a $230.00 price target for the company. Barclays upped their price target on shares of Fortinet from $202.00 to $210.00 and gave the company an “equal weight” rating in a report on Friday, April 16th. Finally, Royal Bank of Canada upped their price target on shares of Fortinet from $175.00 to $208.00 and gave the company a “sector perform” rating in a report on Friday, April 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $183.52.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.
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