Fortinet, Inc. (NASDAQ:FTNT) Holdings Boosted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 74.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 168,325 shares of the software maker’s stock after buying an additional 71,972 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Fortinet were worth $15,903,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Golden State Wealth Management LLC bought a new position in Fortinet during the 4th quarter valued at $46,000. R Squared Ltd acquired a new position in Fortinet during the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC lifted its stake in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $108.69 on Tuesday. The firm has a market cap of $83.31 billion, a price-to-earnings ratio of 48.09, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average price of $100.33 and a 200 day moving average price of $88.95.

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, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Stifel Nicolaus increased their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.72.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 69,460 shares of company stock valued at $7,063,290 in the last 90 days. 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.