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Public Sector Pension Investment Board Has $9.34 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Fortinet logo with Computer and Technology background

Key Points

  • The Public Sector Pension Investment Board increased its stake in Fortinet, Inc. by 7.3%, acquiring an additional 6,586 shares, bringing its total holdings to 96,977 shares valued at $9.33 million.
  • Fortinet's stock is currently rated as a "Hold" by analysts, with a consensus target price of $97.93 despite recent price adjustments from several firms.
  • Fortinet reported a quarterly earnings per share of $0.64, exceeding analyst expectations and achieving a 13.6% year-over-year revenue growth.
  • Looking to export and analyze Fortinet data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Public Sector Pension Investment Board increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,977 shares of the software maker's stock after purchasing an additional 6,586 shares during the period. Public Sector Pension Investment Board's holdings in Fortinet were worth $9,335,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of FTNT. SJS Investment Consulting Inc. grew its position in 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 buying an additional 225 shares during the last quarter. Clearstead Trust LLC acquired a new position in Fortinet in the first quarter worth approximately $28,000. ORG Partners LLC grew its position in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new position in Fortinet in the first quarter worth approximately $35,000. Finally, Mechanics Financial Corp acquired a new position in Fortinet in the first quarter worth approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Trading Up 2.4%

FTNT stock traded up $1.86 during midday trading on Friday, reaching $79.11. The company's stock had a trading volume of 10,860,686 shares, compared to its average volume of 5,399,285. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The stock has a market cap of $60.62 billion, a PE ratio of 31.52, a price-to-earnings-growth ratio of 3.01 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The business's 50-day simple moving average is $99.74 and its 200-day simple moving average is $101.05.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same period last year, the firm earned $0.57 earnings per share. The business's revenue for the quarter was up 13.6% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FTNT shares. Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 7th. Morgan Stanley lowered shares of Fortinet from an "overweight" rating to a "reduce" rating and decreased their target price for the company from $110.00 to $78.00 in a research note on Thursday, August 7th. Scotiabank decreased their target price on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 7th. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, KeyCorp lowered shares of Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $97.93.

Check Out Our Latest Research Report on Fortinet

About Fortinet

(Free Report)

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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