Teacher Retirement System of Texas Decreases Position in Fortinet Inc (NASDAQ:FTNT)

Teacher Retirement System of Texas trimmed its holdings in Fortinet Inc (NASDAQ:FTNT) by 1.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 411,665 shares of the software maker’s stock after selling 7,415 shares during the period. Teacher Retirement System of Texas owned about 0.24% of Fortinet worth $28,994,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of Fortinet by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 462,670 shares of the software maker’s stock worth $32,588,000 after purchasing an additional 66,442 shares in the last quarter. FMR LLC lifted its position in Fortinet by 9,838.2% during the fourth quarter. FMR LLC now owns 209,000 shares of the software maker’s stock valued at $14,719,000 after purchasing an additional 206,897 shares during the last quarter. Kentucky Retirement Systems bought a new stake in Fortinet during the fourth quarter valued at approximately $444,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Fortinet during the fourth quarter valued at approximately $202,000. Finally, Nordea Investment Management AB lifted its position in Fortinet by 23.4% during the fourth quarter. Nordea Investment Management AB now owns 30,995 shares of the software maker’s stock valued at $2,183,000 after purchasing an additional 5,870 shares during the last quarter. 74.75% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet stock traded down $1.29 during mid-day trading on Friday, reaching $91.08. 2,208,852 shares of the company traded hands, compared to its average volume of 1,799,078. The company has a market cap of $15.54 billion, a P/E ratio of 80.60, a PEG ratio of 4.68 and a beta of 0.90. Fortinet Inc has a 52-week low of $53.40 and a 52-week high of $96.96.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The company’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. As a group, sell-side analysts expect that Fortinet Inc will post 1.26 EPS for the current fiscal year.

FTNT has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 9th. BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 13th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a report on Tuesday, April 16th. Goldman Sachs Group lowered shares of Fortinet from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $95.00 to $59.00 in a report on Friday, January 4th. Finally, OTR Global upgraded shares of Fortinet to a “positive” rating in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $82.26.

In other Fortinet news, VP Michael Xie sold 60,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the transaction, the vice president now owns 6,444,644 shares in the company, valued at approximately $541,736,774.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $78.20, for a total transaction of $97,750.00. Following the transaction, the vice president now owns 10,559 shares in the company, valued at approximately $825,713.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 196,499 shares of company stock worth $16,309,857. 17.70% of the stock is currently owned by company insiders.

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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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