Arizona State Retirement System boosted its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 25.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,639 shares of the software maker’s stock after buying an additional 21,941 shares during the period. Arizona State Retirement System’s holdings in Fortinet were worth $4,703,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. SeaCrest Wealth Management LLC acquired a new position in Fortinet during the fourth quarter valued at $109,000. Cerebellum GP LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $125,000. First Mercantile Trust Co. acquired a new position in shares of Fortinet during the 4th quarter valued at about $135,000. Capital One National Association acquired a new position in shares of Fortinet during the 4th quarter valued at about $213,000. Finally, CIBC World Markets Inc. acquired a new position in shares of Fortinet during the 4th quarter valued at about $226,000. 68.72% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet Inc (FTNT) opened at $49.87 on Monday. Fortinet Inc has a 12-month low of $35.44 and a 12-month high of $49.97. The stock has a market capitalization of $8,670.00, a price-to-earnings ratio of 293.35, a PEG ratio of 4.04 and a beta of 0.86.
A number of research analysts have recently commented on the company. Robert W. Baird reissued a “buy” rating and set a $56.00 price objective on shares of Fortinet in a report on Tuesday, February 6th. Morgan Stanley increased their target price on Fortinet from $51.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. JMP Securities increased their target price on Fortinet from $41.00 to $54.00 and gave the company a “market outperform” rating in a research note on Friday, January 26th. Monness Crespi & Hardt restated a “buy” rating and set a $50.00 target price (up previously from $45.00) on shares of Fortinet in a research note on Friday, January 19th. Finally, Stifel Nicolaus increased their target price on Fortinet from $42.00 to $46.00 and gave the company a “hold” rating in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $47.67.
In other news, VP John Whittle sold 679 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $48.69, for a total value of $33,060.51. Following the transaction, the vice president now directly owns 8,684 shares in the company, valued at approximately $422,823.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of Fortinet stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $46.71, for a total value of $186,840.00. Following the transaction, the director now owns 72,937 shares in the company, valued at $3,406,887.27. The disclosure for this sale can be found here. Insiders sold a total of 209,315 shares of company stock worth $9,377,275 over the last 90 days. 16.40% of the stock is owned by corporate insiders.
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Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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