Mercer Global Advisors Inc. ADV grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,227 shares of the software maker’s stock after purchasing an additional 399 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Fortinet were worth $4,754,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. MUFG Americas Holdings Corp purchased a new position in Fortinet in the 3rd quarter worth approximately $25,000. McDonald Partners LLC bought a new stake in Fortinet in the 4th quarter worth approximately $34,000. Strategic Asset Management LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $31,000. Liberty Wealth Management LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $29,000. Finally, FUKOKU MUTUAL LIFE INSURANCE Co bought a new stake in Fortinet in the 4th quarter worth approximately $36,000. Institutional investors own 68.03% of the company’s stock.
In other news, VP John Whittle sold 2,407 shares of the stock in a transaction that occurred on Thursday, February 3rd. The shares were sold at an average price of $303.66, for a total transaction of $730,909.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 3,127 shares of the stock in a transaction that occurred on Thursday, February 24th. The shares were sold at an average price of $316.36, for a total transaction of $989,257.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,250 shares of company stock worth $4,102,974. Insiders own 18.60% of the company’s stock.
Fortinet (NASDAQ:FTNT – Get Rating) last issued its quarterly earnings results on Thursday, February 3rd. The software maker reported $0.97 EPS for the quarter, beating the consensus estimate of $0.84 by $0.13. The company had revenue of $963.60 million for the quarter, compared to the consensus estimate of $962.75 million. Fortinet had a net margin of 18.16% and a return on equity of 50.79%. During the same period in the prior year, the firm posted $0.83 EPS. Equities analysts anticipate that Fortinet, Inc. will post 3.63 EPS for the current fiscal year.
A number of equities research analysts have commented on FTNT shares. Barclays raised shares of Fortinet from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $364.00 to $395.00 in a research report on Tuesday, March 29th. UBS Group cut their target price on shares of Fortinet from $370.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, February 4th. Citigroup upped their target price on shares of Fortinet from $390.00 to $405.00 and gave the stock a “buy” rating in a report on Friday, February 4th. Wells Fargo & Company upped their target price on shares of Fortinet from $325.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, February 4th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortinet from $305.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, March 17th. Ten analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $343.61.
Fortinet Profile (Get Rating)
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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