Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 384,735 shares of the software maker’s stock after purchasing an additional 3,036 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Fortinet were worth $22,519,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Syon Capital LLC increased its stake in Fortinet by 17.5% in the fourth quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock valued at $299,000 after purchasing an additional 758 shares during the last quarter. Meritage Portfolio Management grew its position in Fortinet by 6.7% during the fourth quarter. Meritage Portfolio Management now owns 383,548 shares of the software maker’s stock valued at $22,449,000 after acquiring an additional 23,946 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its position in Fortinet by 15.2% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 18,987 shares of the software maker’s stock valued at $1,111,000 after acquiring an additional 2,511 shares during the period. NewSquare Capital LLC purchased a new stake in Fortinet during the fourth quarter valued at about $59,000. Finally, GAMMA Investing LLC purchased a new stake in Fortinet during the fourth quarter valued at about $508,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Stifel Nicolaus upped their target price on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group upped their target price on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Finally, Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Stock Performance

FTNT traded down $1.42 during trading hours on Thursday, hitting $64.03. The company’s stock had a trading volume of 3,666,120 shares, compared to its average volume of 5,797,999. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $48.86 billion, a PE ratio of 45.14, a PEG ratio of 2.88 and a beta of 1.08. The company has a 50-day simple moving average of $68.17 and a 200 day simple moving average of $61.70.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period last year, the firm earned $0.38 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

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.