California Public Employees Retirement System lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,214,166 shares of the software maker’s stock after selling 29,266 shares during the quarter. California Public Employees Retirement System owned about 0.15% of Fortinet worth $91,779,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Fortinet by 99,008.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 213,366,900 shares of the software maker’s stock valued at $16,128,404,000 after buying an additional 213,151,613 shares in the last quarter. BlackRock Inc. lifted its position in shares of Fortinet by 1.2% during the 1st quarter. BlackRock Inc. now owns 51,202,733 shares of the software maker’s stock valued at $3,402,934,000 after buying an additional 617,369 shares in the last quarter. State Street Corp lifted its position in shares of Fortinet by 2.1% during the 1st quarter. State Street Corp now owns 25,395,593 shares of the software maker’s stock valued at $1,687,787,000 after buying an additional 527,129 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Fortinet by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after purchasing an additional 147,048 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its holdings in Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after purchasing an additional 14,586,086 shares in the last quarter. Institutional investors and hedge funds own 65.00% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on FTNT. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, November 3rd. HSBC reaffirmed a “hold” rating and issued a $49.00 target price (down from $75.00) on shares of Fortinet in a research note on Monday, November 6th. Barclays reaffirmed an “equal weight” rating and issued a $63.00 target price (down from $71.00) on shares of Fortinet in a research note on Friday, October 13th. Raymond James cut their target price on Fortinet from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Finally, Piper Sandler lowered their target price on Fortinet from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, November 3rd. Nineteen research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $65.77.
Insiders Place Their Bets
In other Fortinet news, EVP Patrice Perche sold 8,918 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $50.26, for a total transaction of $448,218.68. Following the sale, the executive vice president now directly owns 25,730 shares in the company, valued at $1,293,189.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director William H. Neukom acquired 552 shares of Fortinet stock in a transaction dated Friday, September 8th. The shares were acquired at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the completion of the transaction, the director now directly owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Patrice Perche sold 8,918 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $50.26, for a total value of $448,218.68. Following the completion of the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,293,189.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,333 shares of company stock worth $3,505,054. 17.54% of the stock is owned by corporate insiders.
Fortinet Trading Down 1.0 %
Shares of FTNT stock opened at $50.30 on Tuesday. The business’s fifty day moving average price is $57.85 and its 200 day moving average price is $64.83. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $38.63 billion, a PE ratio of 34.69, a P/E/G ratio of 2.29 and a beta of 1.14. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.30 and a quick ratio of 1.17.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. Fortinet’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.28 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.28 EPS for the current fiscal year.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity and networking solutions worldwide. 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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