Public Employees Retirement Association of Colorado Has $6.39 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Public Employees Retirement Association of Colorado cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,477 shares of the software maker’s stock after selling 7,579 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fortinet were worth $6,385,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its stake in shares of Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares during the last quarter. Buckhead Capital Management LLC lifted its position in Fortinet by 0.6% during the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after acquiring an additional 187 shares during the last quarter. STF Management LP lifted its position in Fortinet by 1.5% during the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after acquiring an additional 187 shares during the last quarter. Johnson Investment Counsel Inc. lifted its position in Fortinet by 1.0% during the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock worth $1,211,000 after acquiring an additional 200 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its position in Fortinet by 2.1% during the fourth quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock worth $574,000 after acquiring an additional 202 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $0.62 during midday trading on Monday, hitting $57.62. 2,668,463 shares of the company’s stock were exchanged, compared to its average volume of 5,745,773. The stock has a 50 day moving average price of $59.57 and a 200-day moving average price of $63.86. The company has a market cap of $44.02 billion, a PE ratio of 37.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.98. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.58.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FTNT shares. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 18th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday. Mizuho cut their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 target price on shares of Fortinet in a report on Tuesday, June 11th. Finally, Piper Sandler lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.90.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 586 shares of Fortinet stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 91,913 shares of company stock valued at $5,608,349. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.