Kentucky Retirement Systems Insurance Trust Fund Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Kentucky Retirement Systems Insurance Trust Fund reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,797 shares of the software maker’s stock after selling 1,654 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Fortinet were worth $1,458,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD raised its position in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new position in shares of Fortinet during the 1st quarter valued at about $548,013,000. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after buying an additional 1,662,156 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FTNT. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Monday, November 11th. UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Cantor Fitzgerald increased their price target on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Stock Down 0.3 %

FTNT opened at $94.20 on Friday. The business has a 50 day moving average price of $80.76 and a 200 day moving average price of $69.28. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. The firm has a market cap of $72.20 billion, a P/E ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 18.00% of the stock is currently owned by company insiders.

Fortinet 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.