Slow Capital Inc. Sells 629 Shares of Fortinet Inc (NASDAQ:FTNT)
Slow Capital Inc. lowered its position in Fortinet Inc (NASDAQ:FTNT) by 1.7% during the 2nd quarter, Holdings Channel reports. The fund owned 35,350 shares of the software maker’s stock after selling 629 shares during the period. Fortinet makes up 1.1% of Slow Capital Inc.’s portfolio, making the stock its 22nd largest holding. Slow Capital Inc.’s holdings in Fortinet were worth $2,716,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Wedbush Securities Inc. lifted its holdings in shares of Fortinet by 29.9% in the second quarter. Wedbush Securities Inc. now owns 3,550 shares of the software maker’s stock valued at $273,000 after purchasing an additional 817 shares in the last quarter. Stevens Capital Management LP lifted its holdings in shares of Fortinet by 112.1% in the second quarter. Stevens Capital Management LP now owns 89,432 shares of the software maker’s stock valued at $6,871,000 after purchasing an additional 47,274 shares in the last quarter. CWM LLC lifted its holdings in shares of Fortinet by 299.6% in the second quarter. CWM LLC now owns 991 shares of the software maker’s stock valued at $76,000 after purchasing an additional 743 shares in the last quarter. Cavalier Investments LLC lifted its holdings in shares of Fortinet by 12.5% in the second quarter. Cavalier Investments LLC now owns 32,450 shares of the software maker’s stock valued at $2,493,000 after purchasing an additional 3,600 shares in the last quarter. Finally, Pegasus Partners Ltd. bought a new position in shares of Fortinet in the second quarter valued at approximately $1,329,000. Institutional investors and hedge funds own 72.38% of the company’s stock.
A number of research firms have recently weighed in on FTNT. Stifel Nicolaus raised their target price on Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. Cowen started coverage on Fortinet in a research report on Thursday, May 23rd. They set a “market perform” rating and a $85.00 price target for the company. Barclays reaffirmed a “hold” rating and set a $99.00 price target on shares of Fortinet in a research report on Sunday, August 4th. Evercore ISI reaffirmed a “hold” rating and set a $80.00 price target on shares of Fortinet in a research report on Tuesday, May 7th. Finally, Citigroup increased their price target on Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $87.96.
NASDAQ:FTNT traded up $1.90 during trading hours on Tuesday, reaching $84.09. The stock had a trading volume of 74,285 shares, compared to its average volume of 1,770,025. The stock has a 50 day moving average of $82.28. Fortinet Inc has a 12-month low of $64.41 and a 12-month high of $96.96. The firm has a market capitalization of $13.98 billion, a PE ratio of 74.42, a P/E/G ratio of 3.81 and a beta of 1.08.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business 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 business posted $0.41 earnings per share. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, equities research analysts forecast that Fortinet Inc will post 1.42 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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