Kentucky Retirement Systems Has $4.12 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Kentucky Retirement Systems cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.4% during the fourth quarter, HoldingsChannel reports. The firm owned 43,628 shares of the software maker’s stock after selling 601 shares during the period. Kentucky Retirement Systems’ holdings in Fortinet were worth $4,122,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Handelsbanken Fonder AB lifted its holdings in shares of Fortinet by 21.3% during the fourth quarter. Handelsbanken Fonder AB now owns 237,404 shares of the software maker’s stock worth $22,430,000 after buying an additional 41,609 shares during the last quarter. Wealth Alliance bought a new position in Fortinet during the fourth quarter worth $236,000. Sunpointe LLC bought a new position in Fortinet during the fourth quarter worth $206,000. Cumberland Partners Ltd raised its stake in Fortinet by 13.2% during the 4th quarter. Cumberland Partners Ltd now owns 30,000 shares of the software maker’s stock valued at $2,834,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Ieq Capital LLC boosted its holdings in Fortinet by 188.1% in the 4th quarter. Ieq Capital LLC now owns 241,268 shares of the software maker’s stock valued at $22,795,000 after purchasing an additional 157,516 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 3.7 %

Shares of NASDAQ:FTNT opened at $110.02 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $84.33 billion, a P/E ratio of 48.68, a P/E/G ratio of 4.20 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company’s 50-day moving average price is $100.12 and its two-hundred day moving average price is $88.31.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,110 shares of company stock worth $8,751,689. Insiders own 18.00% 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.