Assenagon Asset Management S.A. Has $709,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Assenagon Asset Management S.A. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 179.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,436 shares of the software maker’s stock after purchasing an additional 9,271 shares during the period. Assenagon Asset Management S.A.’s holdings in Fortinet were worth $709,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. grew its stake in Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after acquiring an additional 76,027 shares during the period. Raymond James Trust N.A. grew its stake in Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after acquiring an additional 441 shares during the period. Zions Bancorporation N.A. grew its stake in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares during the period. Brown Brothers Harriman & Co. grew its stake in Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after acquiring an additional 1,049 shares during the period. Finally, Covestor Ltd grew its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the period. Institutional investors and hedge funds own 64.35% of the company’s stock.

Insider Activity

In related news, VP John Whittle sold 3,125 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the completion of the transaction, the vice president now directly owns 12,876 shares in the company, valued at $708,180. The transaction was disclosed in a document filed with the SEC, which is available through this link. 18.60% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $48.87 on Monday. The stock has a market cap of $38.18 billion, a PE ratio of 53.94, a price-to-earnings-growth ratio of 2.56 and a beta of 1.13. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $71.52. The stock has a fifty day moving average of $51.30 and a 200-day moving average of $52.82.

Fortinet (NASDAQ:FTNTGet Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.08. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The firm’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 earnings per share. On average, sell-side analysts predict that Fortinet, Inc. will post 0.9 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTNT. Royal Bank of Canada reduced their price objective on Fortinet from $69.00 to $57.00 and set a “sector perform” rating for the company in a research note on Thursday, November 3rd. Barclays dropped their target price on Fortinet from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Wednesday, January 11th. KeyCorp dropped their target price on Fortinet from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, November 16th. BMO Capital Markets dropped their target price on Fortinet from $68.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Finally, BTIG Research lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Friday. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $67.00.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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