Kentucky Retirement Systems Insurance Trust Fund Sells 1,673 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,034 shares of the software maker’s stock after selling 1,673 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Fortinet were worth $1,437,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $25,000. Rise Advisors LLC grew its holdings in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the period. Vima LLC bought a new position in shares of Fortinet in the 4th quarter worth approximately $25,000. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $32,000. Finally, American National Bank raised its holdings in Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after purchasing an additional 488 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $0.31 during trading on Friday, hitting $57.00. The company’s stock had a trading volume of 4,244,996 shares, compared to its average volume of 4,748,436. The firm has a market cap of $43.54 billion, a price-to-earnings ratio of 37.26, a P/E/G ratio of 2.78 and a beta of 0.98. The company has a 50-day moving average of $59.57 and a 200-day moving average of $63.86. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.58.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.29 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 586 shares of the stock in a transaction dated Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 91,913 shares of company stock valued at $5,608,349. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTNT. Wedbush reaffirmed an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Scotiabank decreased their target price on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. Jefferies Financial Group dropped their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Barclays reduced their price objective on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Finally, Mizuho cut their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $69.90.

Fortinet Profile

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.