Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 44,229 shares of the software maker’s stock after selling 3,552 shares during the period. Kentucky Retirement Systems’ holdings in Fortinet were worth $3,430,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares during the period. TIAA Trust National Association acquired a new position in shares of Fortinet in the first quarter worth $427,000. Ontario Teachers Pension Plan Board increased its position in shares of Fortinet by 15.0% during the first quarter. Ontario Teachers Pension Plan Board now owns 18,242 shares of the software maker’s stock worth $1,246,000 after acquiring an additional 2,385 shares during the period. Edgestream Partners L.P. raised its stake in shares of Fortinet by 147.6% in the first quarter. Edgestream Partners L.P. now owns 63,626 shares of the software maker’s stock valued at $4,346,000 after acquiring an additional 37,925 shares in the last quarter. Finally, Cynosure Group LLC purchased a new position in Fortinet in the first quarter valued at $365,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Royal Bank of Canada lifted their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. TD Cowen boosted their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research report on Thursday, October 17th. Wells Fargo & Company increased their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Finally, HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Trading Down 0.3 %

Shares of FTNT opened at $94.20 on Friday. Fortinet, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The stock has a fifty day moving average of $80.76 and a two-hundred day moving average of $69.28. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $72.20 billion, a PE ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00.

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.