Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 44,229 shares of the software maker’s stock after selling 3,552 shares during the quarter. Kentucky Retirement Systems’ holdings in Fortinet were worth $3,430,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FTNT. Apollon Wealth Management LLC increased its position in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden increased its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP raised its position in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers lifted its stake in shares of Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.3 %

Fortinet stock opened at $94.20 on Friday. The company has a 50 day moving average price of $80.76 and a 200 day moving average price of $69.28. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The firm has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a P/E/G ratio of 2.93 and a beta of 1.00.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTNT. Robert W. Baird raised their target price on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Wedbush raised their price target on shares of Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, November 8th. TD Cowen boosted their price objective on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $79.52.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on 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 approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 18.00% of the stock is currently owned by insiders.

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.