Teacher Retirement System of Texas raised its holdings in Fortinet Inc (NASDAQ:FTNT) by 1.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 416,441 shares of the software maker’s stock after acquiring an additional 4,776 shares during the period. Teacher Retirement System of Texas’ holdings in Fortinet were worth $34,969,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Oregon Public Employees Retirement Fund raised its holdings in Fortinet by 3,990.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock valued at $47,000 after acquiring an additional 3,204,555 shares during the last quarter. Norges Bank acquired a new position in Fortinet in the 4th quarter valued at $108,282,000. Millennium Management LLC raised its holdings in Fortinet by 747.9% in the 4th quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock valued at $118,967,000 after acquiring an additional 1,489,927 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its holdings in Fortinet by 45.5% in the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock valued at $183,048,000 after acquiring an additional 812,206 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Fortinet by 50.3% during the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after buying an additional 787,230 shares during the last quarter. Institutional investors own 74.31% of the company’s stock.
NASDAQ FTNT traded up $1.91 during trading hours on Tuesday, hitting $81.40. The company had a trading volume of 43,793 shares, compared to its average volume of 1,899,845. Fortinet Inc has a fifty-two week low of $57.76 and a fifty-two week high of $96.96. The company has a market cap of $13.79 billion, a P/E ratio of 71.99, a P/E/G ratio of 4.15 and a beta of 0.93.
FTNT has been the subject of a number of research analyst reports. BidaskClub downgraded Fortinet from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 5th. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, February 6th. BMO Capital Markets downgraded Fortinet from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. OTR Global downgraded Fortinet to a “positive” rating in a report on Friday, January 18th. Finally, Oppenheimer upped their price objective on Fortinet from $88.00 to $97.00 and gave the stock an “outperform” rating in a report on Thursday, February 7th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $85.13.
In other Fortinet news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $83.18, for a total value of $83,180.00. Following the completion of the transaction, the director now directly owns 73,621 shares of the company’s stock, valued at approximately $6,123,794.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 5,278 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $83.16, for a total transaction of $438,918.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,298 shares of company stock valued at $8,756,342. 17.70% 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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