Todays Report: The Fortinet Inc. (FTNT) Stake Raised by Teacher Retirement System of Texas

The Fortinet Inc. (FTNT) Stake Raised by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its position in Fortinet Inc. (NASDAQ:FTNT) by 31.1% during the second quarter, Holdings Channel reports. The firm owned 10,453 shares of the company’s stock after buying an additional 2,479 shares during the period. Teacher Retirement System of Texas’ holdings in Fortinet were worth $330,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Nordea Investment Management AB increased its stake in Fortinet by 10.4% in the second quarter. Nordea Investment Management AB now owns 3,865 shares of the company’s stock worth $122,000 after buying an additional 365 shares during the last quarter. Seven Eight Capital LLC increased its stake in Fortinet by 407.2% in the first quarter. Seven Eight Capital LLC now owns 7,598 shares of the company’s stock worth $233,000 after buying an additional 6,100 shares during the last quarter. Telemus Capital LLC increased its stake in Fortinet by 1.9% in the second quarter. Telemus Capital LLC now owns 7,409 shares of the company’s stock worth $234,000 after buying an additional 137 shares during the last quarter. Calvert Investment Management Inc. increased its stake in Fortinet by 10.2% in the second quarter. Calvert Investment Management Inc. now owns 7,445 shares of the company’s stock worth $235,000 after buying an additional 688 shares during the last quarter. Finally, Hartford Investment Management Co. increased its stake in Fortinet by 9.7% in the second quarter. Hartford Investment Management Co. now owns 8,064 shares of the company’s stock worth $255,000 after buying an additional 715 shares during the last quarter. Institutional investors own 70.65% of the company’s stock.

Fortinet Inc. (NASDAQ:FTNT) opened at 31.145 on Friday. The company has a 50-day moving average of $35.71 and a 200-day moving average of $33.60. Fortinet Inc. has a one year low of $23.16 and a one year high of $44.63. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 841.757 and a beta of 1.62.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.14. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period last year, the company posted $0.11 earnings per share. On average, equities analysts forecast that Fortinet Inc. will post $0.70 EPS for the current fiscal year.

FTNT has been the topic of a number of research reports. Wunderlich initiated coverage on Fortinet in a research report on Tuesday, September 13th. They set a “buy” rating and a $45.00 price target on the stock. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Goldman Sachs Group Inc. lowered their price target on Fortinet from $43.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday. Nomura lowered their price target on Fortinet from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Dougherty & Co lowered their price target on Fortinet from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $36.16.

In other news, VP John Whittle sold 983 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $32.86, for a total transaction of $32,301.38. Following the transaction, the vice president now directly owns 17,531 shares in the company, valued at $576,068.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Matto Andrew H. Del sold 3,250 shares of the stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $36.29, for a total transaction of $117,942.50. Following the transaction, the chief financial officer now owns 9,686 shares in the company, valued at $351,504.94. The disclosure for this sale can be found here. Insiders own 16.40% of the company’s stock.

About Fortinet

Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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