Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 5.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 227,150 shares of the software maker’s stock after selling 13,040 shares during the period. State of Tennessee Department of Treasury’s holdings in Fortinet were worth $21,461,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FTNT. First Hawaiian Bank acquired a new position in Fortinet during the 4th quarter valued at about $670,000. LVM Capital Management Ltd. MI grew its position in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. raised 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 worth $28,343,000 after buying an additional 169,530 shares during the period. Finally, Milestone Asset Management LLC purchased a new stake in Fortinet during the fourth quarter valued at about $1,690,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 206,000 shares of the business’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 directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares of the company’s stock, valued at $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. Susquehanna boosted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Stephens started coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target on the stock. UBS Group set a $123.00 price objective on Fortinet in a research note on Tuesday, March 18th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $105.10.

Fortinet Trading Up 1.8 %

Fortinet stock opened at $94.37 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. 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 firm has a market capitalization of $72.57 billion, a PE ratio of 41.76, a PEG ratio of 4.19 and a beta of 1.09. The business’s 50-day simple moving average is $100.09 and its 200-day simple moving average is $95.51.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share 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.