Public Employees Retirement Association of Colorado Sells 3,432 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Public Employees Retirement Association of Colorado decreased its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 3.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,056 shares of the software maker’s stock after selling 3,432 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fortinet were worth $5,915,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. TFO Wealth Partners LLC raised its position in Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares during the last quarter. Cito Capital Group LLC purchased a new stake in Fortinet in the third quarter worth approximately $660,000. Vontobel Holding Ltd. grew its position in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its stake in Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after buying an additional 38,751 shares during the last quarter. Finally, LGT Group Foundation raised its stake in Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after buying an additional 94,475 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Fortinet stock opened at $59.72 on Friday. The stock has a market cap of $45.62 billion, a price-to-earnings ratio of 39.03, a price-to-earnings-growth ratio of 2.93 and a beta of 0.98. The firm has a 50-day moving average of $63.08 and a two-hundred day moving average of $62.90. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.29 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 1.46 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders sold 91,097 shares of company stock worth $5,954,610 over the last three months. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research reports. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Truist Financial cut their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Finally, HSBC cut their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $70.10.

View Our Latest Analysis on Fortinet

About Fortinet

(Free Report)

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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