Arizona State Retirement System Boosts Position in Fortinet, Inc. (NASDAQ:FTNT)

Arizona State Retirement System boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 186,571 shares of the software maker’s stock after purchasing an additional 400 shares during the quarter. Arizona State Retirement System’s holdings in Fortinet were worth $17,627,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after acquiring an additional 1,682,708 shares in the last quarter. State Street Corp lifted its position in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC lifted its position in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after acquiring an additional 724,887 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its position in shares of Fortinet by 1,084.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after acquiring an additional 601,801 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT stock opened at $106.80 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market cap of $82.13 billion, a P/E ratio of 47.26, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The stock has a 50-day simple moving average of $101.69 and a 200-day simple moving average of $90.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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%. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 87,120 shares of company stock valued at $8,991,409. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Mizuho upped their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Royal Bank of Canada upped their price objective on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.72.

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.