Illinois Municipal Retirement Fund Has $15.90 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Illinois Municipal Retirement Fund lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 74.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 168,325 shares of the software maker’s stock after buying an additional 71,972 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Fortinet were worth $15,903,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp lifted its stake in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after acquiring an additional 68,852 shares during the period. Finally, FMR LLC raised its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now 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 69,460 shares of company stock valued at $7,063,290. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT opened at $108.69 on Tuesday. The company has a market capitalization of $83.31 billion, a price-to-earnings ratio of 48.09, a PEG ratio of 4.19 and a beta of 1.01. 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 50-day moving average price of $100.33 and a 200-day moving average price of $88.95. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Citigroup raised their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Susquehanna upped their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, Wedbush boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

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.