Public Employees Retirement System of Ohio Sells 13,681 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Public Employees Retirement System of Ohio reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 270,271 shares of the software maker's stock after selling 13,681 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Fortinet were worth $25,535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. Cape Cod Five Cents Savings Bank boosted its position in Fortinet by 1.9% during the 4th quarter. Cape Cod Five Cents Savings Bank now owns 64,436 shares of the software maker's stock worth $4,997,000 after acquiring an additional 1,194 shares during the last quarter. Vise Technologies Inc. boosted its position in Fortinet by 31.5% during the 4th quarter. Vise Technologies Inc. now owns 11,268 shares of the software maker's stock worth $1,065,000 after acquiring an additional 2,698 shares during the last quarter. Cornerstone Advisory LLC acquired a new position in Fortinet during the 4th quarter worth approximately $194,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position 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 during the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its position in Fortinet by 42.8% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 18,146 shares of the software maker's stock worth $1,714,000 after acquiring an additional 5,439 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Finally, KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Trading Up 1.5%

Shares of FTNT traded up $1.58 during mid-day trading on Tuesday, reaching $104.74. 4,249,130 shares of the company were exchanged, compared to its average volume of 4,976,994. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market capitalization of $80.17 billion, a PE ratio of 46.35, a PEG ratio of 4.19 and a beta of 1.16. The business has a 50 day simple moving average of $99.39 and a two-hundred day simple moving average of $99.34.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is owned by corporate insiders.

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.