Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,986 shares of the software maker’s stock after selling 3,307 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Fortinet were worth $3,721,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Oakworth Capital Inc. acquired a new position in Fortinet in the second quarter valued at approximately $33,000. Finally, City State Bank lifted its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 in the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.7 %

Shares of NASDAQ:FTNT opened at $97.95 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $100.59. The business has a fifty day moving average of $88.38 and a two-hundred day moving average of $74.05. The stock has a market cap of $75.07 billion, a P/E ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. BMO Capital Markets boosted their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Robert W. Baird upped their target price on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Raymond James upped their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.27.

Fortinet Company 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.