State Board of Administration of Florida Retirement System reduced its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 5.4% in the third quarter, HoldingsChannel reports. The firm owned 196,015 shares of the software maker’s stock after selling 11,278 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Fortinet were worth $18,086,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of FTNT. Dimensional Fund Advisors LP lifted its stake in Fortinet by 14.5% in the first quarter. Dimensional Fund Advisors LP now owns 306,752 shares of the software maker’s stock valued at $16,436,000 after buying an additional 38,774 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in Fortinet by 33.4% in the second quarter. IFM Investors Pty Ltd now owns 8,636 shares of the software maker’s stock valued at $539,000 after buying an additional 2,164 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Fortinet by 32.3% in the second quarter. State of Alaska Department of Revenue now owns 17,730 shares of the software maker’s stock valued at $1,106,000 after buying an additional 4,330 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Fortinet by 5.2% in the second quarter. Xact Kapitalforvaltning AB now owns 15,732 shares of the software maker’s stock valued at $982,000 after buying an additional 779 shares during the last quarter. Finally, Gateway Investment Advisers LLC lifted its stake in Fortinet by 1.9% in the second quarter. Gateway Investment Advisers LLC now owns 80,488 shares of the software maker’s stock valued at $5,025,000 after buying an additional 1,532 shares during the last quarter. 71.41% of the stock is owned by hedge funds and other institutional investors.
FTNT has been the topic of a number of research analyst reports. Goldman Sachs Group set a $95.00 price target on Fortinet and gave the company a “buy” rating in a report on Tuesday, September 25th. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 14th. UBS Group lowered Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the company from $80.00 to $90.00 in a report on Tuesday, September 18th. They noted that the move was a valuation call. Bank of America lowered Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the company from $77.00 to $95.00 in a report on Thursday, September 20th. Finally, Oppenheimer raised their price target on Fortinet from $82.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, September 26th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $78.32.
In related news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $88.65, for a total transaction of $110,812.50. Following the transaction, the vice president now directly owns 9,309 shares of the company’s stock, valued at $825,242.85. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 1,350 shares of Fortinet stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $78.26, for a total value of $105,651.00. Following the transaction, the chief financial officer now directly owns 1,745 shares in the company, valued at $136,563.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,605 shares of company stock worth $7,393,934. 17.70% of the stock is owned by corporate insiders.
NASDAQ:FTNT opened at $74.73 on Friday. The stock has a market cap of $13.17 billion, a P/E ratio of 143.71, a PEG ratio of 4.55 and a beta of 0.81. Fortinet Inc has a 52-week low of $39.22 and a 52-week high of $94.37.
Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The firm had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a return on equity of 20.52% and a net margin of 7.05%. Fortinet’s revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 earnings per share. Analysts anticipate that Fortinet Inc will post 1.02 EPS for the current year.
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Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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