Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 169.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 510,776 shares of the software maker's stock after purchasing an additional 321,152 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.07% of Fortinet worth $48,258,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. State Street Corp lifted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Amundi raised its holdings in shares of Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker's stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock valued at $448,854,000 after purchasing an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker's stock valued at $375,523,000 after purchasing an additional 156,766 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

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Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Performance

NASDAQ:FTNT traded up $2.30 during trading hours on Tuesday, reaching $102.09. The company had a trading volume of 3,422,575 shares, compared to its average volume of 4,798,211. The firm has a market cap of $78.50 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm's 50 day moving average price is $102.46 and its 200-day moving average price is $92.70. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FTNT. Citigroup upped their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Royal Bank of Canada lifted their price objective on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a report on Friday, February 7th. Finally, Baird R W cut Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $105.69.

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.