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

Kentucky Retirement Systems decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,781 shares of the software maker’s stock after selling 622 shares during the quarter. Kentucky Retirement Systems’ holdings in Fortinet were worth $2,880,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of 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 worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB grew its stake in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the period. Van ECK Associates Corp lifted its position in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after buying an additional 657,400 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock valued at $6,337,801 in the last three months. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Morgan Stanley decreased their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Barclays decreased their target price on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 7th. Finally, Citigroup raised their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.57.

Fortinet Stock Up 1.3 %

Shares of NASDAQ:FTNT opened at $75.66 on Friday. The business has a 50-day moving average price of $68.20 and a 200 day moving average price of $65.14. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company has a market capitalization of $57.80 billion, a price-to-earnings ratio of 49.45, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.08.

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 the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. Sell-side analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

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.