Fortinet Inc (FTNT) Shares Sold by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund cut its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 30.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 32,228 shares of the software maker’s stock after selling 14,412 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Fortinet were worth $2,706,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Fortinet in the fourth quarter valued at $108,282,000. Millennium Management LLC increased its holdings in Fortinet by 747.9% in the fourth quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock valued at $118,967,000 after purchasing an additional 1,489,927 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd increased its holdings in Fortinet by 45.5% in the fourth quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock valued at $183,048,000 after purchasing an additional 812,206 shares during the period. Geode Capital Management LLC increased its holdings in Fortinet by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after purchasing an additional 787,230 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Fortinet by 175.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 693,740 shares of the software maker’s stock valued at $48,860,000 after purchasing an additional 441,740 shares during the period. Institutional investors own 72.96% of the company’s stock.

In related news, VP Michael Xie sold 60,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $84.06, for a total value of $5,043,600.00. Following the transaction, the vice president now owns 6,444,644 shares of the company’s stock, valued at approximately $541,736,774.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total transaction of $660,640.00. Following the completion of the transaction, the chief executive officer now directly owns 12,521,600 shares in the company, valued at approximately $1,034,033,728. The disclosure for this sale can be found here. Insiders have sold a total of 103,263 shares of company stock worth $8,733,189 in the last three months. Insiders own 17.70% of the company’s stock.

FTNT has been the subject of a number of recent research reports. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, January 30th. Zacks Investment Research downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, January 30th. Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price objective (up from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Mizuho started coverage on shares of Fortinet in a research report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 price target on the stock. Finally, Gabelli cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, February 7th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the company’s stock. Fortinet presently has an average rating of “Hold” and a consensus target price of $85.13.

FTNT stock opened at $81.96 on Thursday. The stock has a market cap of $14.10 billion, a PE ratio of 72.53, a P/E/G ratio of 4.19 and a beta of 0.93. Fortinet Inc has a 1 year low of $58.10 and a 1 year high of $96.96.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.26. The company had revenue of $472.60 million for the quarter, compared to analysts’ expectations of $471.90 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The business’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. On average, research analysts forecast that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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