Kentucky Retirement Systems Insurance Trust Fund Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 18,354 shares of the software maker's stock, valued at approximately $1,767,000.

Several other large investors have also made changes to their positions in FTNT. SJS Investment Consulting Inc. raised its position in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter worth approximately $27,000. ORG Partners LLC boosted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the period. Finally, Graney & King LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $43,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.2%

NASDAQ FTNT traded up $1.27 during trading hours on Tuesday, hitting $104.42. 3,540,374 shares of the company were exchanged, compared to its average volume of 4,893,694. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market cap of $79.93 billion, a price-to-earnings ratio of 42.97, a PEG ratio of 3.56 and a beta of 1.06. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average of $102.10 and a two-hundred day moving average of $100.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business earned $0.43 EPS. The company's revenue was up 13.8% on a year-over-year basis. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director now owns 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FTNT shares. Robert W. Baird boosted their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Finally, Cantor Fitzgerald reduced their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $104.80.

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.