Board of the Pension Protection Fund Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Board of the Pension Protection Fund trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 80.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,200 shares of the software maker's stock after selling 8,900 shares during the quarter. Board of the Pension Protection Fund's holdings in Fortinet were worth $212,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of FTNT. Proficio Capital Partners LLC raised its position in shares of Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after purchasing an additional 544,357 shares in the last quarter. Ritholtz Wealth Management increased its stake in shares of Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after buying an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Fortinet in the first quarter valued at $216,000. Wealth Enhancement Advisory Services LLC boosted its stake in Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after acquiring an additional 16,139 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director now directly owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

FTNT opened at $103.11 on Friday. The business has a 50 day moving average price of $102.54 and a two-hundred day moving average price of $100.47. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The company has a market capitalization of $78.92 billion, a price-to-earnings ratio of 42.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06. 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 announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the business posted $0.43 earnings per share. The company's quarterly revenue was up 13.8% on a year-over-year basis. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating on the stock. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Robert W. Baird upped their price target on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, Stifel Nicolaus decreased their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus price target of $105.62.

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.

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