State of Michigan Retirement System Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

State of Michigan Retirement System decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 172,670 shares of the software maker’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Fortinet were worth $16,314,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new stake in Fortinet in the 4th quarter worth approximately $46,000. Private Trust Co. NA grew its position in Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd purchased a new stake in Fortinet during the 4th quarter valued at $65,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Citigroup upped their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Wells Fargo & Company increased their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.72.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Down 0.1 %

Shares of FTNT stock opened at $106.48 on Wednesday. The company’s fifty day simple moving average is $101.69 and its two-hundred day simple moving average is $90.45. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap of $81.88 billion, a P/E ratio of 47.12, a PEG ratio of 4.19 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.