Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue boosted its holdings in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 259.5% in the 2nd quarter, Holdings Channel reports. The firm owned 173,250 shares of the software maker’s stock after purchasing an additional 125,052 shares during the period. State of Alaska Department of Revenue’s holdings in Fortinet were worth $9,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Rise Advisors LLC purchased a new stake in Fortinet in the 4th quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in Fortinet in the 1st quarter valued at $25,000. Atwood & Palmer Inc. purchased a new position in Fortinet during the 1st quarter worth $26,000. Massmutual Trust Co. FSB ADV raised its position in Fortinet by 902.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 511 shares of the software maker’s stock worth $29,000 after buying an additional 460 shares during the last quarter. Finally, Riverview Trust Co purchased a new position in Fortinet during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 65.72% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. Morgan Stanley cut their price objective on shares of Fortinet to $66.00 and set an “equal weight” rating for the company in a research report on Monday, June 27th. Atlantic Securities initiated coverage on shares of Fortinet in a research report on Friday, September 2nd. They set an “overweight” rating and a $76.00 price objective for the company. BMO Capital Markets cut their price objective on shares of Fortinet from $70.00 to $68.00 and set an “outperform” rating for the company in a research report on Thursday, August 4th. Evercore ISI cut their price objective on shares of Fortinet to $75.00 in a research report on Tuesday, August 9th. Finally, StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, September 13th. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.84.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 8,267 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total transaction of $501,310.88. Following the sale, the vice president now directly owns 29,772,120 shares of the company’s stock, valued at approximately $1,805,381,356.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CFO Keith Jensen sold 39,440 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the sale, the chief financial officer now directly owns 4,541 shares of the company’s stock, valued at approximately $229,638.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 8,267 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $60.64, for a total transaction of $501,310.88. Following the sale, the vice president now directly owns 29,772,120 shares in the company, valued at $1,805,381,356.80. The disclosure for this sale can be found here. Insiders have sold 54,207 shares of company stock valued at $2,839,577 in the last ninety days. Insiders own 18.60% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $50.42 on Monday. Fortinet, Inc. has a 52 week low of $47.37 and a 52 week high of $74.35. The stock has a market cap of $39.76 billion, a price-to-earnings ratio of 62.25, a PEG ratio of 3.58 and a beta of 1.20. The company’s 50-day moving average price is $54.43 and its 200 day moving average price is $59.68. The company has a current ratio of 1.12, a quick ratio of 1.05 and a debt-to-equity ratio of 4.24.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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