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

Public Employees Retirement System of Ohio lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 283,952 shares of the software maker's stock after selling 5,480 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Fortinet were worth $22,020,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank raised its position in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet during the 2nd quarter valued at approximately $33,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $0.91 during trading on Wednesday, reaching $98.04. The company had a trading volume of 3,416,246 shares, compared to its average volume of 5,438,189. The firm's fifty day moving average is $87.54 and its 200 day moving average is $73.62. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market capitalization of $75.14 billion, a PE ratio of 49.52, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $53.40 and a twelve month high of $100.59.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FTNT shares. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Royal Bank of Canada upped their target price on shares of Fortinet from $82.00 to $97.00 and gave the company a "sector perform" rating in a research note on Tuesday, November 19th. Robert W. Baird boosted their price objective on Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Tuesday, November 19th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and increased their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Barclays boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $88.93.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 over the last quarter. Corporate insiders own 18.00% of the company's stock.

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.