State of Alaska Department of Revenue Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

State of Alaska Department of Revenue lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the fourth quarter, HoldingsChannel reports. The firm owned 72,531 shares of the software maker’s stock after selling 1,220 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fortinet were worth $6,852,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC increased its position in Fortinet by 95.0% during the third quarter. CWM LLC now owns 76,564 shares of the software maker’s stock worth $5,938,000 after purchasing an additional 37,294 shares during the last quarter. Wedmont Private Capital increased its holdings in shares of Fortinet by 24.0% during the 3rd quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after buying an additional 1,045 shares during the last quarter. Perpetual Ltd raised its position in shares of Fortinet by 98.7% in the 3rd quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after buying an additional 12,054 shares during the period. ORBA Wealth Advisors L.L.C. boosted its holdings in Fortinet by 30.8% in the third quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock valued at $1,512,000 after acquiring an additional 4,591 shares during the last quarter. Finally, JGP Wealth Management LLC grew its position in Fortinet by 3.4% during the third quarter. JGP Wealth Management LLC now owns 16,035 shares of the software maker’s stock valued at $1,244,000 after acquiring an additional 532 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research reports. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Stifel Nicolaus increased their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday. BMO Capital Markets lifted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Truist Financial restated a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $101.43.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 2.8 %

Shares of NASDAQ FTNT opened at $107.66 on Friday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $110.53. The stock has a market cap of $82.52 billion, a price-to-earnings ratio of 54.37, a P/E/G ratio of 2.65 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company’s fifty day moving average is $97.38 and its 200-day moving average is $84.56.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. Equities research analysts predict that Fortinet, Inc. will post 1.95 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.