Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 135,266 shares of the software maker’s stock after selling 2,940 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Fortinet were worth $12,780,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. First Hawaiian Bank purchased a new position in Fortinet during the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI boosted its holdings in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares during the period. Trilogy Capital Inc. boosted its holdings in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. boosted its holdings in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after acquiring an additional 169,530 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in Fortinet during the 3rd quarter valued at $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom bought 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 0.2 %

Fortinet stock opened at $98.65 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business’s 50-day simple moving average is $102.34 and its two-hundred day simple moving average is $92.31. The company has a market cap of $75.86 billion, a PE ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Morgan Stanley assumed coverage on Fortinet in a report on Tuesday. They set an “overweight” rating and a $123.00 price objective for the company. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. UBS Group set a $123.00 target price on Fortinet in a research report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $105.69.

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.