Fortinet Inc (NASDAQ:FTNT) Holdings Decreased by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its position in Fortinet Inc (NASDAQ:FTNT) by 6.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 390,359 shares of the software maker’s stock after selling 26,082 shares during the quarter. Teacher Retirement System of Texas’ holdings in Fortinet were worth $29,991,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hartford Investment Management Co. grew its stake in Fortinet by 0.7% during the 2nd quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock worth $1,255,000 after buying an additional 121 shares during the last quarter. Signaturefd LLC grew its stake in Fortinet by 10.7% during the 1st quarter. Signaturefd LLC now owns 1,288 shares of the software maker’s stock worth $108,000 after buying an additional 125 shares during the last quarter. World Asset Management Inc grew its stake in Fortinet by 1.6% during the 2nd quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock worth $722,000 after buying an additional 147 shares during the last quarter. Securian Asset Management Inc grew its stake in Fortinet by 1.2% during the 2nd quarter. Securian Asset Management Inc now owns 15,267 shares of the software maker’s stock worth $1,173,000 after buying an additional 182 shares during the last quarter. Finally, Sheets Smith Wealth Management grew its stake in Fortinet by 2.7% during the 1st quarter. Sheets Smith Wealth Management now owns 7,004 shares of the software maker’s stock worth $588,000 after buying an additional 184 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

In other news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the sale, the vice president now directly owns 6,388,548 shares of the company’s stock, valued at $449,945,435.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 1,250 shares of the company’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 sale, the vice president now directly owns 9,309 shares of the company’s stock, valued at $700,316.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,250 shares of company stock valued at $2,991,958. 17.20% of the stock is currently owned by company insiders.

A number of research analysts have issued reports on the company. 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. JPMorgan Chase & Co. upgraded Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target for the company in a research report on Monday, June 24th. Evercore ISI reiterated a “hold” rating and set a $80.00 price target on shares of Fortinet in a research report on Tuesday, May 7th. BidaskClub lowered Fortinet from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Citigroup boosted their price target on Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. Fortinet currently has a consensus rating of “Hold” and a consensus price target of $87.96.

Shares of NASDAQ FTNT traded down $0.73 during mid-day trading on Thursday, hitting $81.24. 17,156 shares of the company traded hands, compared to its average volume of 1,750,298. Fortinet Inc has a 1 year low of $64.41 and a 1 year high of $96.96. The stock has a market capitalization of $14.02 billion, a price-to-earnings ratio of 71.87, a PEG ratio of 3.70 and a beta of 1.08. The business has a 50 day moving average of $83.08 and a two-hundred day moving average of $82.80.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.30 by $0.28. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The business had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the prior year, the business posted $0.41 earnings per share. Fortinet’s revenue was up 18.2% compared to the same quarter last year. As a group, equities analysts expect that Fortinet Inc will post 1.42 EPS for the current fiscal year.

About Fortinet

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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