Fortinet, Inc. (NASDAQ:FTNT) Stake Reduced by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 137,734 shares of the software maker’s stock after selling 1,360 shares during the quarter. Retirement Systems of Alabama’s holdings in Fortinet were worth $13,013,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of FTNT. Eastern Bank acquired a new position in Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% during 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 period. City State Bank increased its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on FTNT. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday. Truist Financial restated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Wedbush increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Finally, Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $101.43.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $107.66 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $110.53. 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 company has a market capitalization of $82.52 billion, a PE ratio of 54.37, a PEG ratio of 2.65 and a beta of 1.01. The company’s 50 day moving average price is $97.38 and its 200 day moving average price is $84.56.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. Research analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

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.