Public Employees Retirement System of Ohio lowered its stake in Fortinet Inc (NASDAQ:FTNT) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,385 shares of the software maker’s stock after selling 5,104 shares during the period. Public Employees Retirement System of Ohio’s holdings in Fortinet were worth $5,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Bremer Bank National Association acquired a new position in shares of Fortinet during the 1st quarter worth approximately $44,000. Valeo Financial Advisors LLC boosted its position in shares of Fortinet by 2,117.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares in the last quarter. Amica Retiree Medical Trust acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $51,000. Employers Holdings Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $54,000. Finally, CWM LLC boosted its position in shares of Fortinet by 299.6% during the 2nd quarter. CWM LLC now owns 991 shares of the software maker’s stock worth $76,000 after acquiring an additional 743 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.
Shares of FTNT stock traded up $0.27 during trading hours on Friday, hitting $78.64. 27,369 shares of the company’s stock traded hands, compared to its average volume of 1,248,080. The stock’s 50 day simple moving average is $81.55 and its 200 day simple moving average is $82.54. The stock has a market cap of $13.50 billion, a PE ratio of 69.73, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09. Fortinet Inc has a 12 month low of $64.41 and a 12 month high of $96.96.
Several research firms recently issued reports on FTNT. Monness Crespi & Hardt reiterated a “buy” rating and set a $102.00 price target (up previously from $97.00) on shares of Fortinet in a research report on Friday, August 2nd. BidaskClub lowered shares of Fortinet from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. Citigroup increased their price target on shares of Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Barclays reiterated a “hold” rating and set a $99.00 price target on shares of Fortinet in a research report on Sunday, August 4th. Finally, JPMorgan Chase & Co. upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target on the stock in a research report on Monday, June 24th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. Fortinet presently has a consensus rating of “Hold” and an average target price of $87.96.
In other Fortinet news, VP John Whittle sold 1,250 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $75.23, for a total value of $94,037.50. Following the completion of the sale, the vice president now directly owns 9,309 shares in the company, valued at $700,316.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was 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 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 50,250 shares of company stock valued at $3,950,598 in the last three months. 17.20% of the stock is owned by insiders.
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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