Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $12.78 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 135,266 shares of the software maker's stock after selling 2,940 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Fortinet were worth $12,780,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. iA Global Asset Management Inc. grew its position in shares of Fortinet by 32.9% in the fourth quarter. iA Global Asset Management Inc. now owns 114,776 shares of the software maker's stock valued at $10,844,000 after purchasing an additional 28,422 shares during the period. Teacher Retirement System of Texas boosted its stake in Fortinet by 169.4% in the 4th quarter. Teacher Retirement System of Texas now owns 510,776 shares of the software maker's stock worth $48,258,000 after buying an additional 321,152 shares during the last quarter. Royal London Asset Management Ltd. boosted its stake in Fortinet by 104.5% in the 4th quarter. Royal London Asset Management Ltd. now owns 782,516 shares of the software maker's stock worth $73,932,000 after buying an additional 399,848 shares during the last quarter. Harvest Fund Management Co. Ltd grew its holdings in Fortinet by 53.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 71,290 shares of the software maker's stock valued at $6,653,000 after buying an additional 24,937 shares during the period. Finally, Generali Asset Management SPA SGR acquired a new position in shares of Fortinet during the 4th quarter valued at about $1,231,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price for the company in a report on Thursday, December 19th. Stifel Nicolaus boosted their price target on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research report on Friday, February 7th. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Raymond James restated a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $105.69.

Fortinet Price Performance

NASDAQ:FTNT traded up $2.30 during midday trading on Tuesday, hitting $102.09. 3,422,575 shares of the stock were exchanged, compared to its average volume of 4,798,517. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market capitalization of $78.50 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50-day moving average price of $102.65 and a two-hundred day moving average price of $92.89. 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 data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company's stock.

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.