Enterprise Financial Services Corp Boosts Position in Fortinet Inc (NASDAQ:FTNT)

Enterprise Financial Services Corp grew its position in Fortinet Inc (NASDAQ:FTNT) by 67.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 996 shares of the software maker’s stock after purchasing an additional 400 shares during the quarter. Enterprise Financial Services Corp’s holdings in Fortinet were worth $84,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. bought a new position in shares of Fortinet in the fourth quarter valued at approximately $580,000. Delta Investment Management LLC bought a new position in Fortinet during the fourth quarter worth $563,000. Cooper Financial Group bought a new position in Fortinet during the fourth quarter worth $209,000. Northern Trust Corp increased its position in Fortinet by 14.1% during the fourth quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock worth $110,311,000 after acquiring an additional 193,805 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Fortinet by 25.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after acquiring an additional 97,700 shares during the period. 70.88% of the stock is currently owned by institutional investors.

A number of brokerages recently issued reports on FTNT. Mizuho began coverage on shares of Fortinet in a research report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 target price on the stock. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Tuesday, January 29th. BMO Capital Markets reaffirmed a “market perform” rating and set a $90.00 target price (up previously from $78.00) on shares of Fortinet in a research report on Thursday, February 7th. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $97.00 target price (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Finally, BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $85.13.

Shares of NASDAQ:FTNT traded down $0.60 on Wednesday, hitting $81.96. The stock had a trading volume of 691,347 shares, compared to its average volume of 1,841,543. Fortinet Inc has a twelve month low of $58.10 and a twelve month high of $96.96. The company has a market capitalization of $13.89 billion, a PE ratio of 72.53, a P/E/G ratio of 4.20 and a beta of 0.93.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.26. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The company had revenue of $472.60 million for the quarter, compared to the consensus estimate of $471.90 million. During the same quarter in the previous year, the company earned $0.33 EPS. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, equities research analysts predict that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.

In related news, CFO Keith Jensen sold 11,251 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $86.95, for a total transaction of $978,274.45. Following the transaction, the chief financial officer now owns 10,669 shares in the company, valued at approximately $927,669.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 60,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the transaction, the vice president now owns 6,444,644 shares in the company, valued at approximately $541,736,774.64. The disclosure for this sale can be found here. Insiders sold a total of 103,263 shares of company stock worth $8,733,189 in the last 90 days. 17.70% of the stock is owned by corporate insiders.

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Fortinet Company Profile

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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