State of Michigan Retirement System Purchases 200 Shares of Fortinet, Inc. (NASDAQ:FTNT)

State of Michigan Retirement System raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,970 shares of the software maker’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Fortinet were worth $13,250,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV lifted its stake in Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares in the last quarter. Buckhead Capital Management LLC raised its holdings in shares of Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after acquiring an additional 187 shares in the last quarter. STF Management LP boosted its position in shares of Fortinet by 1.5% during the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after acquiring an additional 187 shares during the last quarter. Johnson Investment Counsel Inc. grew its holdings in shares of Fortinet by 1.0% during the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock worth $1,211,000 after purchasing an additional 200 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of Fortinet by 2.1% in the fourth quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock worth $574,000 after purchasing an additional 202 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Cantor Fitzgerald decreased their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. HSBC dropped their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research note on Friday, May 3rd. Truist Financial reduced their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Barclays dropped their target price on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Finally, Wedbush reissued an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research note on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $70.03.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $61.01 on Wednesday. The stock has a market cap of $46.61 billion, a P/E ratio of 39.88, a price-to-earnings-growth ratio of 2.95 and a beta of 0.98. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The firm has a 50-day moving average of $60.43 and a 200 day moving average of $63.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share 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 the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 EPS. Research analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 in the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Company Profile

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.