Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 bought and sold shares of the company. Cape Cod Five Cents Savings Bank grew its holdings in Fortinet by 1.9% in the fourth quarter. Cape Cod Five Cents Savings Bank now owns 64,436 shares of the software maker's stock worth $4,997,000 after purchasing an additional 1,194 shares during the last quarter. Vise Technologies Inc. grew its holdings in Fortinet by 31.5% in the fourth quarter. Vise Technologies Inc. now owns 11,268 shares of the software maker's stock worth $1,065,000 after purchasing an additional 2,698 shares during the last quarter. Cornerstone Advisory LLC purchased a new position in Fortinet in the fourth quarter worth $194,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after purchasing an additional 16,139 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC grew its holdings in Fortinet by 42.8% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 18,146 shares of the software maker's stock worth $1,714,000 after purchasing an additional 5,439 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 697,818 shares of company stock valued at $69,539,128. 17.20% of the stock is owned by insiders.

Fortinet Price Performance

Shares of Fortinet stock traded down $0.23 during trading hours on Wednesday, reaching $104.51. The stock had a trading volume of 3,735,103 shares, compared to its average volume of 4,972,051. The stock's 50 day moving average is $99.52 and its 200 day moving average is $99.38. The firm has a market capitalization of $79.99 billion, a PE ratio of 46.24, a PEG ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Piper Sandler reissued an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Scotiabank dropped their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. One investment 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. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target 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.