Fortinet, Inc. (NASDAQ:FTNT) Stock Position Lifted by Arizona State Retirement System

Arizona State Retirement System grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 186,571 shares of the software maker’s stock after buying an additional 400 shares during the quarter. Arizona State Retirement System’s holdings in Fortinet were worth $17,627,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Manchester Capital Management LLC raised its position in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC grew its holdings in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares in the last quarter. Fielder Capital Group LLC grew its holdings in shares of Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after buying an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its holdings in shares of Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTNT. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Wedbush lifted their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Up 0.3 %

NASDAQ FTNT opened at $106.80 on Thursday. The firm has a market cap of $82.13 billion, a PE ratio of 47.26, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock’s 50 day simple moving average is $101.69 and its 200 day simple moving average is $90.45. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 87,120 shares of company stock worth $8,991,409 in the last three months. Insiders own 18.00% of the company’s stock.

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.