Illinois Municipal Retirement Fund Sells 46,092 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Illinois Municipal Retirement Fund reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,233 shares of the software maker's stock after selling 46,092 shares during the period. Illinois Municipal Retirement Fund's holdings in Fortinet were worth $11,766,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC grew its position in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after purchasing an additional 109 shares in the last quarter. Fielder Capital Group LLC grew its position in 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 purchasing an additional 111 shares in the last quarter. ORG Partners LLC grew its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares in the last quarter. Cornerstone Enterprises LLC grew its position in Fortinet by 2.3% in the first quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock worth $483,000 after acquiring an additional 115 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction dated Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now owns 301,471 shares in the company, 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. Corporate insiders own 17.20% of the company's stock.

Analyst Ratings Changes

FTNT has been the subject of several recent research reports. Rosenblatt Securities reissued a "buy" rating and issued a $125.00 target price on shares of Fortinet in a research report on Tuesday, June 17th. BMO Capital Markets decreased their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company decreased their target price 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. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Finally, Morgan Stanley decreased their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus price target of $105.62.

Fortinet Stock Performance

NASDAQ:FTNT traded down $0.75 during trading hours on Friday, hitting $103.11. 5,705,689 shares of the company traded hands, compared to its average volume of 4,859,876. The stock has a market capitalization of $78.92 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 3.56 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a 50-day moving average of $102.54 and a 200 day moving average of $100.49. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 EPS. On average, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

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.