California Public Employees Retirement System Sells 44,209 Shares of Fortinet, Inc. (NASDAQ:FTNT)

California Public Employees Retirement System decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,237,121 shares of the software maker’s stock after selling 44,209 shares during the period. California Public Employees Retirement System owned about 0.16% of Fortinet worth $72,409,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Headinvest LLC bought a new stake in Fortinet in the 3rd quarter worth about $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the fourth quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $37,000. Rakuten Securities Inc. bought a new position in Fortinet during the fourth quarter valued at approximately $43,000. Finally, CVA Family Office LLC purchased a new stake in Fortinet in the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 1.0 %

Shares of FTNT opened at $65.45 on Thursday. The stock has a market capitalization of $49.94 billion, a PE ratio of 45.14, a P/E/G ratio of 2.88 and a beta of 1.08. The company’s fifty day moving average is $68.17 and its 200 day moving average is $61.70. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm posted $0.38 EPS. The business’s quarterly revenue was up 10.3% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research reports. Daiwa Capital Markets upgraded shares of 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 Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price on the stock. in a report on Thursday, February 8th. Rosenblatt Securities restated a “buy” rating and set a $85.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $65.00 price objective on shares of Fortinet in a research note on Wednesday, April 17th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $72.19.

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.