State of Michigan Retirement System Acquires 15,100 Shares of Fortinet, Inc. (NASDAQ:FTNT)

State of Michigan Retirement System lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 8.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 193,770 shares of the software maker’s stock after acquiring an additional 15,100 shares during the period. State of Michigan Retirement System’s holdings in Fortinet were worth $11,341,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Pinnacle Financial Partners Inc lifted its position in shares of Fortinet by 2.3% during the 4th quarter. Pinnacle Financial Partners Inc now owns 15,204 shares of the software maker’s stock valued at $890,000 after acquiring an additional 342 shares during the period. Allen Mooney & Barnes Investment Advisors LLC lifted its position in shares of Fortinet by 8.0% during the 4th quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 7,203 shares of the software maker’s stock valued at $422,000 after acquiring an additional 533 shares during the period. Chicago Capital LLC acquired a new position in shares of Fortinet during the 4th quarter valued at $477,000. Foster Victor Wealth Advisors LLC lifted its position in shares of Fortinet by 4.5% during the 4th quarter. Foster Victor Wealth Advisors LLC now owns 180,463 shares of the software maker’s stock valued at $11,055,000 after acquiring an additional 7,756 shares during the period. Finally, Columbus Macro LLC acquired a new position in shares of Fortinet during the 4th quarter valued at $201,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on FTNT shares. Susquehanna upped their price objective on shares of Fortinet from $55.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Tuesday, February 13th. BMO Capital Markets upped their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Stifel Nicolaus upped their target price on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group upped their target price on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.55.

View Our Latest Report on FTNT

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet 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 transaction, the vice president now directly owns 29,887,018 shares in the company, 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 over the last three months. 17.54% of the stock is owned by corporate insiders.

Fortinet Trading Up 1.5 %

Shares of Fortinet stock opened at $68.85 on Wednesday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a market cap of $52.53 billion, a price-to-earnings ratio of 47.48, a PEG ratio of 3.01 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company’s 50-day moving average price is $68.46 and its 200-day moving average price is $60.83.

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