California Public Employees Retirement System Sells 44,209 Shares of Fortinet, Inc. (NASDAQ:FTNT)

California Public Employees Retirement System lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,237,121 shares of the software maker's stock after selling 44,209 shares during the quarter. California Public Employees Retirement System owned approximately 0.16% of Fortinet worth $72,409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in FTNT. First Trust Direct Indexing L.P. increased its position in shares of Fortinet by 1.6% during the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker's stock valued at $748,000 after buying an additional 197 shares during the period. Catalyst Financial Partners LLC boosted its stake in shares of Fortinet by 5.1% in the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker's stock worth $254,000 after acquiring an additional 209 shares during the period. Realta Investment Advisors grew its holdings in Fortinet by 6.8% during the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker's stock valued at $200,000 after buying an additional 217 shares in the last quarter. First Foundation Advisors grew its holdings in Fortinet by 0.6% during the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker's stock valued at $2,353,000 after buying an additional 223 shares in the last quarter. Finally, Syntax Advisors LLC increased its position in Fortinet by 7.0% in the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker's stock worth $201,000 after purchasing an additional 224 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,992 shares of the company's stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the firm's stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company's stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of FTNT stock traded down $1.42 during mid-day trading on Thursday, hitting $64.03. 3,663,221 shares of the stock were exchanged, compared to its average volume of 5,797,999. The stock has a market capitalization of $48.86 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 2.88 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock's fifty day simple moving average is $68.17 and its two-hundred day simple moving average is $61.70.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 EPS. On average, analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on FTNT. Daiwa Capital Markets raised shares of Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 price objective on the stock in a research report on Tuesday, February 13th. StockNews.com cut shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, April 18th. UBS Group boosted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, January 10th. Susquehanna reaffirmed a "neutral" rating and issued a $80.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, Sanford C. Bernstein began coverage on shares of Fortinet in a research note on Thursday, January 18th. They set a "market perform" rating and a $65.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average target price of $72.19.

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.