Fortinet, Inc. (NASDAQ:FTNT) Stock Position Decreased by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,797 shares of the software maker’s stock after selling 1,654 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Fortinet were worth $1,458,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Apollon Wealth Management LLC increased its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden boosted its stake in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares during the period. Cetera Investment Advisers grew its position in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $94.20 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a one year low of $49.97 and a one year high of $100.59. The firm has a market capitalization of $72.20 billion, a PE ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. The company has a 50-day simple moving average of $80.76 and a two-hundred day simple moving average of $69.28.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FTNT shares. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. TD Cowen increased their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Truist Financial lifted their price objective on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Robert W. Baird upped their target price on shares of Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada upped their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Company 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.