Teacher Retirement System of Texas Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Teacher Retirement System of Texas cut its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 487,860 shares of the software maker's stock after selling 22,916 shares during the quarter. Teacher Retirement System of Texas owned 0.06% of Fortinet worth $46,961,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after acquiring an additional 730,994 shares during the last quarter. Geode Capital Management LLC raised its holdings in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. raised its holdings in Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank bought a new position in Fortinet during the fourth quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Fortinet stock traded up $3.06 during mid-day trading on Friday, reaching $105.27. The company's stock had a trading volume of 2,864,114 shares, compared to its average volume of 4,857,707. The company has a market capitalization of $80.57 billion, a P/E ratio of 43.32, a PEG ratio of 3.64 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm's fifty day moving average price is $103.23 and its two-hundred day moving average price is $100.68.

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

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FTNT. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. Rosenblatt Securities reissued a "buy" rating and set a $125.00 price objective on shares of Fortinet in a report on Tuesday, June 17th. UBS Group decreased their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, KeyCorp decreased their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $105.62.

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.