Radnor Capital Management LLC Has $438,000 Stock Position in Fortinet Inc (NASDAQ:FTNT)
Radnor Capital Management LLC trimmed its position in Fortinet Inc (NASDAQ:FTNT) by 21.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,700 shares of the software maker’s stock after selling 1,600 shares during the quarter. Radnor Capital Management LLC’s holdings in Fortinet were worth $438,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in shares of Fortinet by 16.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock valued at $32,588,000 after purchasing an additional 66,442 shares during the period. Geode Capital Management LLC grew its position in Fortinet by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after buying an additional 787,230 shares in the last quarter. Squarepoint Ops LLC grew its position in Fortinet by 6.2% during the fourth quarter. Squarepoint Ops LLC now owns 15,000 shares of the software maker’s stock worth $1,056,000 after buying an additional 878 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Fortinet during the fourth quarter worth about $225,000. Finally, Municipal Employees Retirement System of Michigan purchased a new position in Fortinet during the fourth quarter worth about $643,000. Institutional investors own 73.22% of the company’s stock.
FTNT has been the subject of several recent analyst reports. ValuEngine cut Vereit from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Zacks Investment Research cut Glu Mobile from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Northland Securities restated a “buy” rating and set a $100.00 target price on shares of Fortinet in a research report on Friday, May 3rd. Monness Crespi & Hardt restated a “buy” rating and set a $97.00 target price (up from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, Stifel Nicolaus upgraded QUALCOMM from a “hold” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $100.00 in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $85.54.
Shares of FTNT traded up $0.02 during midday trading on Friday, reaching $85.36. The stock had a trading volume of 1,033,884 shares, compared to its average volume of 1,328,064. The business has a 50-day moving average price of $79.59. Fortinet Inc has a 12-month low of $62.27 and a 12-month high of $96.96. The firm has a market capitalization of $14.58 billion, a P/E ratio of 75.54, a price-to-earnings-growth ratio of 4.33 and a beta of 1.09.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same period in the prior year, the business earned $0.33 EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, analysts anticipate that Fortinet Inc will post 1.31 earnings per share for the current year.
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.
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