State of New Jersey Common Pension Fund D Sells 141,479 Shares of Fortinet, Inc. (NASDAQ:FTNT)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 236,375 shares of the software maker’s stock after selling 141,479 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Fortinet were worth $14,246,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vima LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new position in Fortinet during the first quarter valued at approximately $25,000. Rise Advisors LLC grew its holdings in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in Fortinet in the 4th quarter worth approximately $32,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the 2nd quarter worth approximately $33,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 72,672 shares of company stock worth $4,573,864 over the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $75.01 on Friday. The stock has a market capitalization of $57.38 billion, a PE ratio of 49.03, a PEG ratio of 2.77 and a beta of 1.00. The company has a 50 day moving average price of $67.27 and a 200-day moving average price of $65.05. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned $0.31 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Scotiabank boosted their target price on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Robert W. Baird upped their target price on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target for the company in a research report on Wednesday, August 7th. Finally, Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $71.57.

About Fortinet

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.