California State Teachers Retirement System raised its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 1.2% during the 3rd quarter, Holdings Channel reports. The fund owned 237,422 shares of the software maker’s stock after purchasing an additional 2,748 shares during the period. California State Teachers Retirement System’s holdings in Fortinet were worth $18,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made changes to their positions in the company. CENTRAL TRUST Co bought a new stake in Fortinet during the 3rd quarter valued at $45,000. Amica Retiree Medical Trust acquired a new position in shares of Fortinet during the 2nd quarter valued at $51,000. Employers Holdings Inc. acquired a new position in shares of Fortinet during the 2nd quarter valued at $54,000. North Star Investment Management Corp. acquired a new position in shares of Fortinet during the 3rd quarter valued at $62,000. Finally, CSat Investment Advisory L.P. increased its position in shares of Fortinet by 207.2% during the 2nd quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock valued at $73,000 after purchasing an additional 636 shares during the period. 69.94% of the stock is currently owned by hedge funds and other institutional investors.
In other Fortinet news, EVP John Whittle sold 2,465 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $103.57, for a total value of $255,300.05. Following the completion of the sale, the executive vice president now owns 9,309 shares of the company’s stock, valued at $964,133.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares of the company’s stock, valued at approximately $495,265,210.57. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,495 shares of company stock valued at $4,686,823. Insiders own 17.20% of the company’s stock.
Several equities analysts have recently issued reports on the company. Royal Bank of Canada reiterated a “neutral” rating and set a $109.00 price target (up from $100.00) on shares of Fortinet in a research report on Tuesday, November 19th. Robert W. Baird set a $100.00 target price on Fortinet and gave the stock a “hold” rating in a report on Sunday, September 15th. Goldman Sachs Group assumed coverage on Fortinet in a report on Tuesday, November 12th. They issued a “buy” rating and a $113.00 target price on the stock. BMO Capital Markets lifted their target price on Fortinet to $115.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Finally, Mizuho lifted their target price on Fortinet from $92.00 to $102.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $102.70.
Shares of FTNT stock opened at $105.11 on Monday. Fortinet Inc has a 1-year low of $64.41 and a 1-year high of $106.00. The company has a market capitalization of $18.00 billion, a price-to-earnings ratio of 93.02, a P/E/G ratio of 4.72 and a beta of 1.08. The stock’s fifty day simple moving average is $90.48 and its 200-day simple moving average is $82.26.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. The business had revenue of $547.50 million for the quarter, compared to the consensus estimate of $533.55 million. Fortinet had a return on equity of 25.46% and a net margin of 19.23%. Fortinet’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. On average, analysts anticipate that Fortinet Inc will post 1.62 EPS for the current fiscal year.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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