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

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 hedge funds also recently bought and sold shares of FTNT. Manchester Capital Management LLC raised its holdings in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC raised its holdings in shares of Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC increased its holdings in shares of Fortinet by 3.0% in the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.2 %

NASDAQ:FTNT opened at $98.65 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market cap of $75.86 billion, a PE ratio of 43.65, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The stock has a fifty day moving average price of $102.34 and a 200 day moving average price of $92.31.

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 analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on FTNT. Morgan Stanley began coverage on Fortinet in a report on Tuesday. They issued an “overweight” rating and a $123.00 price target for the company. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Royal Bank of Canada increased their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Finally, Mizuho increased their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet 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.