State of Alaska Department of Revenue Reduces Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

State of Alaska Department of Revenue trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,531 shares of the software maker’s stock after selling 1,220 shares during the period. State of Alaska Department of Revenue’s holdings in Fortinet were worth $6,852,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Eastern Bank purchased a new position in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank raised its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the 3rd quarter worth $46,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Wedbush increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $101.43.

Fortinet Stock Up 2.8 %

FTNT stock opened at $107.66 on Friday. The company’s 50 day moving average price is $97.38 and its 200 day moving average price is $84.56. The firm has a market capitalization of $82.52 billion, a price-to-earnings ratio of 54.37, a PEG ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $110.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by insiders.

Fortinet Company Profile

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.