Fortinet, Inc. $FTNT Shares Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 278,677 shares of the software maker's stock after purchasing an additional 13,004 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Fortinet were worth $29,462,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Dover Advisors LLC boosted its holdings in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker's stock valued at $999,000 after purchasing an additional 94 shares during the last quarter. Peloton Wealth Strategists boosted its holdings in Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker's stock valued at $417,000 after purchasing an additional 100 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Fortinet by 0.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker's stock valued at $1,886,000 after purchasing an additional 102 shares during the last quarter. Hemington Wealth Management boosted its holdings in Fortinet by 16.6% in the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock valued at $72,000 after purchasing an additional 107 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its holdings in Fortinet by 0.9% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after purchasing an additional 107 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Price Performance

Shares of FTNT opened at $83.60 on Thursday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm's 50 day moving average price is $86.22 and its 200 day moving average price is $95.65. The company has a market cap of $64.06 billion, a P/E ratio of 33.31, a PEG ratio of 3.22 and a beta of 1.12. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the firm earned $0.57 EPS. The firm's revenue for the quarter was up 13.6% on a year-over-year basis. On average, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. Morgan Stanley reiterated an "underweight" rating and issued a $67.00 target price (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Cantor Fitzgerald boosted their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Wedbush reduced their price target on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $97.03.

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.

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