Teachers Retirement System of The State of Kentucky Sells 3,307 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Teachers Retirement System of The State of Kentucky cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,986 shares of the software maker’s stock after selling 3,307 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Fortinet were worth $3,721,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the second quarter worth $33,000. Finally, City State Bank lifted its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of FTNT stock opened at $97.95 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $100.59. The firm has a market capitalization of $75.07 billion, a price-to-earnings ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00. 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 stock’s 50-day simple moving average is $88.38 and its 200-day simple moving average is $74.05.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,745 shares of company stock worth $5,746,974. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FTNT shares. TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Piper Sandler lifted their target price on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Finally, UBS Group lifted their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $89.27.

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.