Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 137,734 shares of the software maker’s stock after selling 1,360 shares during the quarter. Retirement Systems of Alabama’s holdings in Fortinet were worth $13,013,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FTNT. First Hawaiian Bank purchased a new position in Fortinet during the fourth quarter worth $670,000. LVM Capital Management Ltd. MI increased its position in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC raised its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden lifted its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Fortinet during the 3rd quarter worth about $10,343,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 2.8 %

NASDAQ:FTNT opened at $107.66 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $110.53. The business’s 50-day simple moving average is $97.38 and its 200 day simple moving average is $84.56. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $82.52 billion, a price-to-earnings ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, 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. In the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTNT. TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Truist Financial restated a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $101.43.

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.