Texas Permanent School Fund Sells 1,556 Shares of Fortinet Inc (NASDAQ:FTNT)

Texas Permanent School Fund cut its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 5.6% during the 3rd quarter, Holdings Channel reports. The firm owned 26,436 shares of the software maker’s stock after selling 1,556 shares during the period. Texas Permanent School Fund’s holdings in Fortinet were worth $2,029,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. Valeo Financial Advisors LLC increased its holdings in shares of Fortinet by 2,117.4% during the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after purchasing an additional 487 shares during the period. CENTRAL TRUST Co bought a new position in shares of Fortinet during the third quarter worth approximately $45,000. Amica Retiree Medical Trust bought a new position in shares of Fortinet during the second quarter worth approximately $51,000. Employers Holdings Inc. bought a new position in shares of Fortinet during the second quarter worth approximately $54,000. Finally, North Star Investment Management Corp. bought a new position in shares of Fortinet during the third quarter worth approximately $62,000. 70.64% of the stock is currently owned by institutional investors.

In other Fortinet news, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total value of $80,720.00. Following the completion of the sale, the director now directly owns 75,213 shares of the company’s stock, valued at $6,071,193.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total transaction 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 $495,265,210.57. The disclosure for this sale can be found here. Insiders have sold 49,000 shares of company stock valued at $3,856,560 in the last three months. 17.20% of the stock is owned by insiders.

NASDAQ FTNT opened at $96.23 on Friday. Fortinet Inc has a 1 year low of $64.41 and a 1 year high of $96.96. The firm’s 50 day simple moving average is $80.56 and its 200 day simple moving average is $80.90. The firm has a market capitalization of $15.67 billion, a price-to-earnings ratio of 85.16, a P/E/G ratio of 4.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. Fortinet had a net margin of 19.23% and a return on equity of 25.46%. The business had revenue of $547.50 million during the quarter, compared to the consensus estimate of $533.55 million. During the same quarter last year, the firm earned $0.49 earnings per share. Fortinet’s quarterly revenue was up 20.6% on a year-over-year basis. Equities research analysts predict that Fortinet Inc will post 1.57 earnings per share for the current year.

Several brokerages have recently commented on FTNT. Mizuho raised their target price on shares of Fortinet from $86.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Evercore ISI set a $90.00 target price on shares of Fortinet and gave the stock a “hold” rating in a report on Monday, November 4th. JPMorgan Chase & Co. set a $111.00 target price on shares of Fortinet and gave the stock a “buy” rating in a report on Friday, November 1st. Deutsche Bank set a $97.00 target price on shares of Fortinet and gave the stock a “hold” rating in a report on Friday, November 1st. Finally, Morgan Stanley set a $82.00 target price on shares of Fortinet and gave the stock a “hold” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $93.71.

Fortinet 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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