Strs Ohio Has $10.30 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Strs Ohio decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 176,057 shares of the software maker’s stock after selling 7,291 shares during the period. Strs Ohio’s holdings in Fortinet were worth $10,304,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in FTNT. Covestor Ltd grew its holdings in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after acquiring an additional 73 shares during the last quarter. Atwood & Palmer Inc. acquired a new position in Fortinet during the 4th quarter valued at $29,000. Headinvest LLC bought a new stake in Fortinet in the 3rd quarter valued at $29,000. Finally, Quarry LP grew its position in Fortinet by 686.6% in the 2nd quarter. Quarry LP now owns 527 shares of the software maker’s stock worth $40,000 after purchasing an additional 460 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $64.66 on Thursday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $49.34 billion, a P/E ratio of 44.59, a PEG ratio of 2.87 and a beta of 1.08. The business has a 50-day moving average of $68.72 and a 200-day moving average of $61.50. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,139 shares of company stock valued at $8,977,876. Company insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. Sanford C. Bernstein assumed coverage on Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price on the stock. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target on the stock. in a research note on Thursday, February 8th. Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Finally, UBS Group lifted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.03.

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.