Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,009,160 shares of the software maker's stock after selling 23,236 shares during the period. California State Teachers Retirement System owned about 0.13% of Fortinet worth $95,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after buying an additional 387,901 shares in the last quarter. Invesco Ltd. boosted its position in Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares during the period. Norges Bank acquired a new position in shares of Fortinet in the fourth quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT stock traded up $0.45 during midday trading on Thursday, reaching $104.21. 4,085,679 shares of the company traded hands, compared to its average volume of 5,077,152. The firm's 50 day simple moving average is $98.68 and its two-hundred day simple moving average is $96.44. The firm has a market cap of $80.13 billion, a PE ratio of 46.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. 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, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 256.53% and a net margin of 29.30%. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. UBS Group set a $123.00 price target on shares of Fortinet in a research note on Tuesday, March 18th. Jefferies Financial Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Finally, Roth Capital set a $103.00 price target on Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $104.77.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 576,944 shares of company stock valued at $56,944,064 over the last quarter. Corporate insiders own 18.00% of the company's stock.

Fortinet 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.