State of Alaska Department of Revenue Sells 32,560 Shares of Fortinet, Inc. (NASDAQ:FTNT)

State of Alaska Department of Revenue reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 32.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 68,841 shares of the software maker’s stock after selling 32,560 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fortinet were worth $4,029,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Atlantic Union Bankshares Corp grew its stake in shares of Fortinet by 28.0% during the 4th quarter. Atlantic Union Bankshares Corp now owns 38,142 shares of the software maker’s stock valued at $2,232,000 after purchasing an additional 8,348 shares during the period. Gradient Investments LLC lifted its position in shares of Fortinet by 36.4% during the 4th quarter. Gradient Investments LLC now owns 77,770 shares of the software maker’s stock valued at $4,552,000 after buying an additional 20,761 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Fortinet by 191.8% during the 4th quarter. Blue Trust Inc. now owns 4,508 shares of the software maker’s stock valued at $265,000 after buying an additional 2,963 shares in the last quarter. Values First Advisors Inc. lifted its position in shares of Fortinet by 1.8% during the 4th quarter. Values First Advisors Inc. now owns 28,215 shares of the software maker’s stock valued at $1,651,000 after buying an additional 491 shares in the last quarter. Finally, Access Financial Services Inc. purchased a new position in shares of Fortinet during the 4th quarter valued at about $1,246,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock valued at $10,233,981 in the last quarter. 17.54% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Sanford C. Bernstein assumed coverage on Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Rosenblatt Securities lifted their price objective on Fortinet from $65.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Finally, Stifel Nicolaus boosted their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $71.55.

Check Out Our Latest Analysis on FTNT

Fortinet Stock Performance

NASDAQ FTNT opened at $68.85 on Wednesday. The company has a market cap of $52.53 billion, a P/E ratio of 47.48, a P/E/G ratio of 3.03 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s 50 day moving average price is $68.46 and its 200-day moving average price is $60.83. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. Fortinet’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 EPS. Sell-side analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

About Fortinet

(Free Report)

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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