Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 139,869 shares of the software maker’s stock after selling 806 shares during the period. Retirement Systems of Alabama’s holdings in Fortinet were worth $8,430,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB bought a new position in shares of Fortinet in the first quarter worth $548,013,000. Norges Bank acquired a new position in shares of Fortinet during the fourth quarter valued at $203,501,000. Sarasin & Partners LLP bought a new stake in shares of Fortinet during the first quarter valued at about $120,746,000. Finally, Bessemer Group Inc. lifted its holdings in Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $74.73 on Friday. The company has a market capitalization of $57.09 billion, a P/E ratio of 48.84, a P/E/G ratio of 2.79 and a beta of 0.98. The stock’s 50 day moving average price is $62.38 and its 200 day moving average price is $64.27. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $76.31.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold 115,608 shares of company stock valued at $7,132,649 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. UBS Group increased their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $71.31.

About Fortinet

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.