Strs Ohio lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,057 shares of the software maker’s stock after selling 7,291 shares during the period. Strs Ohio’s holdings in Fortinet were worth $10,304,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of FTNT. Headinvest LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet in the 4th quarter worth $29,000. Retirement Group LLC purchased a new position in shares of Fortinet during the 4th quarter worth $30,000. Resurgent Financial Advisors LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Fortinet in the third quarter valued at about $37,000. Institutional investors and hedge funds own 83.71% of the company’s stock.
Fortinet Stock Up 0.3 %
Shares of NASDAQ FTNT opened at $64.66 on Thursday. 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, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a market capitalization of $49.34 billion, a price-to-earnings ratio of 44.59, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. The business has a 50-day moving average of $68.72 and a two-hundred day moving average of $61.50.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the stock. BMO Capital Markets boosted their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Piper Sandler restated a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a report on Thursday, February 8th. Finally, UBS Group boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $72.03.
Read Our Latest Stock Report on Fortinet
Insider Transactions at Fortinet
In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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 SEC, which is available through this link. In other news, VP Michael Xie sold 38,369 shares of the company’s 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 completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,139 shares of company stock worth $8,977,876. Corporate insiders own 17.54% of the company’s stock.
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.
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