California Public Employees Retirement System Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

California Public Employees Retirement System decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,237,121 shares of the software maker’s stock after selling 44,209 shares during the period. California Public Employees Retirement System’s holdings in Fortinet were worth $72,409,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares in the last quarter. Morgan Stanley increased its position in shares of Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after buying an additional 108,548 shares in the last quarter. Invesco Ltd. raised its stake in shares of Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after buying an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after buying an additional 153,119 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after acquiring an additional 1,585,236 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 over the last ninety days. Company insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Royal Bank of Canada increased their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Truist Financial lifted their price objective on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. BMO Capital Markets increased their target price on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Morgan Stanley lifted their price target on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Finally, Mizuho raised their price objective on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Fortinet Trading Up 1.0 %

Shares of FTNT stock opened at $65.45 on Thursday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market cap of $49.94 billion, a PE ratio of 45.14, a price-to-earnings-growth ratio of 2.88 and a beta of 1.08. The company has a 50-day moving average of $68.17 and a two-hundred day moving average of $61.70. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business posted $0.38 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, analysts predict that Fortinet, Inc. will post 1.39 EPS 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.