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Wright Investors Service Inc. has acquired shares of Fortinet, Inc. (NASDAQ:FTNT).

Wright Investors Service Inc. has acquired shares of Fortinet, Inc. (NASDAQ:FTNT).

In the most recent report that Wright Investors Service Inc. submitted to the Securities and Exchange Commission, it was stated that the company increased its holdings in Fortinet, Inc. (NASDAQ: FTNT) by 23.2% during the third quarter. The institutional investor has a total of 28,401 shares in the software development company after making additional purchases of 5,355 shares during the relevant period. The company in question is a software development company. The most recent report that Wright Investors Service Inc. submitted to the SEC indicated that the value of the company’s stake in Fortinet was 1,395,000 dollars.

In the most recent few months, a variety of other hedge funds have modified the size of their positions in the company. Price T. Rowe Associates Inc. (MD), an investment management company, increased the amount of Fortinet stock held by 395.4 percent during the second quarter. Price T. Rowe Associates Inc. now owns 52,995,764 shares of the software manufacturer’s stock after purchasing an additional 42,299,029 shares. The stock is currently valued at $2,998,500,000. The percentage of Fortinet stock owned by State Street Corporation went up by 380.5 percent during the second quarter of the fiscal year. State Street Corp. now owns a total of 25,872,049 shares of the software maker’s stock, which have a value of $1,463,841,000 following the acquisition of an additional 20,487,614 shares during the most recent quarter. This brings the total number of shares owned by State Street Corp. to 25,872,049. FMR LLC’s holdings in Fortinet saw a total increase of 148.6% during the second quarter due to the company’s purchases. FMR LLC now has a total of 7,416,167 shares of the software manufacturer’s stock, which are worth a combined total of $419,606,000 after the company made an additional purchase of 4,433,565 shares during the period in question. The staggering increase in Northern Trust Corporation’s ownership of Fortinet occurred during the second quarter. The company’s total stake in the company now stands at 363.9%. Following the acquisition of an additional 5,343,055 shares during the most recent quarter, Northern Trust Corp. owns 6,811,189 shares of the software maker’s stock. The stock carries a value of $385,377,000, and the company has a market capitalization of $385,377,000. And finally, during the second quarter, Legal & General Group Plc made a whopping 407 percent increase in the amount of Fortinet stock it owned, bringing the total to 2%. Legal & General Group Plc now has a total ownership stake in the software developer equivalent to 6,549,130 shares of the company’s stock, which are currently valued at $370,552,000 after purchasing an additional 5,259,399 shares during the period in question. This brings the company’s total number of shares in the software developer to 6,549,130. Institutional investors and hedge funds own 64.35 percent of the company’s shares. Other shareholders make up the remaining 35.65 percent.

On Friday, the price of a share of Fortinet was $48.27, representing a decrease of $0.13 from where it had been the day before. The number of shares that were traded was 103,980, which is significantly lower than the stock’s average volume of 5,003,439 traded shares. The company’s market capitalization is currently sitting at $37.71 billion. It has a price-to-earnings ratio of 53.42, a price-to-earnings-to-growth ratio of 2.56, and a beta of 1.13. All of these metrics point to the fact that the company is overpriced in comparison to the earnings it generates. Fortinet, Inc. reached an all-time low of $42.61 exactly one year ago, while the company reached an all-time high of $71.52 one year ago. The company’s simple moving average over the past 50 days is $51.26, and its simple moving average over the past 200 days is $52.95, respectively.

On November 2, the company Fortinet (NASDAQ: FTNT) made public the quarterly financial figures that it had prepared in advance. The computer software company reported earnings per share for the quarter of $0.28, which was $0.08 higher than the consensus estimate of $0.20. The return on equity for Fortinet came in at 9.180.34%, and the company maintained a net margin of 18.12%. Even though market watchers anticipated that the company would bring in revenue for the quarter totaling $1.12 billion, the company brought in revenue totaling $1.15 billion. Compared to the previous year’s results for the same period, the company posted a profit of $0.15 per share. Fortinet saw a 32.6% increase in its revenue during the same quarter as the previous year when compared to the previous year’s performance. Sell-side analysts predict that Fortinet, Inc. will achieve a profit of $0.9 per share for the current fiscal year.

In other news, Vice President John Whittle sold 3,125 shares of the company’s stock on November 11th. This fact is included in the other piece of recent information. A total of $171,875.00 was traded as a result of the sale of the stock at an average price of $55.00 per share, which resulted in the transaction. Following the completion of the sale, the vice president has gained direct ownership of 12,876 company shares, which have an estimated value of $708,180 at present. One can locate a copy of the case file in which the transaction was disclosed on the Securities and Exchange Commission (SEC) website. The company’s insiders own the shares of stock 18.8%.

FTNT has been the subject of discussion in several different research and analyst studies. Wedbush lowered its price objective on Fortinet from $70.00 to $65.00 in a report on the company’s financial performance published on November 3rd. Morgan Stanley raised their price target for Fortinet’s stock from $66.00 to $71.00 and upgraded its stock rating to “overweight” in a research note published on the 22nd of December. In addition, the price target previously set for the stock has been increased by the same amount. In a research note published on November 3rd, Raymond James lowered their “outperform” rating and target price on shares of Fortinet from $70.00 to $60.00. In addition, the target price remained the same. Fortinet was demoted from “overweight” to “equal weight” status at Barclays, and the investment bank lowered its price target for the company’s stock from $57.00 to $56.00. A research note that was published on Wednesday made the announcements regarding both of these alterations. In a research note published on November 3rd, Oppenheimer announced that it was lowering its “outperform” rating and target price for Fortinet, which had previously been set at $80.00. The new target price is $70.00. Six research analysts have assigned the stock a rating of “hold,” while seventeen others have assigned the stock a rating of “buy.” According to information from Bloomberg.com, the company has a price target of $67.0, and the site’s analysts recommend that investors “Moderately Buy” the stock on average.

In every region of the world, including the Americas, Europe, the Middle East, Africa, and Asia Pacific, Fortinet, Inc. provides solutions for cybersecurity that are comprehensive, integrated, and automated. Users can take advantage of a wide variety of networking and security features thanks to the availability of FortiGate hardware and software licenses, both of which are available for purchase. A firewall, intrusion prevention, anti-malware protection, a virtual private network, application management, web filtering, anti-spam protection, and wide area network acceleration are some security measures that fall under this category.

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