Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 828,857 shares of the software maker's stock after selling 11,216 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of Fortinet worth $79,786,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after acquiring an additional 730,994 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after acquiring an additional 387,901 shares in the last quarter. Invesco Ltd. increased its position in shares of Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after acquiring an additional 2,000,888 shares in the last quarter. Norges Bank acquired a new stake 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% in 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 in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 335 shares of the company's stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. Scotiabank dropped their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company dropped their price objective on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group lowered their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $105.62.

Fortinet Trading Down 1.1%

Shares of NASDAQ:FTNT opened at $99.06 on Monday. The company has a market cap of $75.82 billion, a PE ratio of 40.77, a P/E/G ratio of 3.42 and a beta of 1.06. The company's 50-day moving average price is $103.23 and its 200 day moving average price is $101.02. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.

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