Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 240,004 shares of the software maker’s stock after selling 475 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Fortinet were worth $22,676,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Capital Performance Advisors LLP grew its holdings in shares of Fortinet by 47.5% during the fourth quarter. Capital Performance Advisors LLP now owns 5,184 shares of the software maker’s stock worth $490,000 after purchasing an additional 1,669 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Fortinet during the fourth quarter worth about $77,000. J.W. Cole Advisors Inc. increased its position in Fortinet by 6.1% in the 4th quarter. J.W. Cole Advisors Inc. now owns 10,830 shares of the software maker’s stock valued at $1,023,000 after acquiring an additional 625 shares during the period. Sheaff Brock Investment Advisors LLC raised its stake in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of Fortinet by 6.0% in the 4th quarter. Allworth Financial LP now owns 5,837 shares of the software maker’s stock valued at $573,000 after purchasing an additional 329 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 1.5 %

Shares of FTNT stock opened at $111.64 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $112.37. The firm’s 50 day moving average price is $98.89 and its two-hundred day moving average price is $87.15. The stock has a market cap of $85.57 billion, a price-to-earnings ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 63,610 shares of company stock valued at $6,083,029 in the last ninety days. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on FTNT shares. Scotiabank boosted their price objective on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Mizuho upped their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Stifel Nicolaus upped their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Finally, Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet 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.