Oregon Public Employees Retirement Fund Purchases 200 Shares of Fortinet, Inc. $FTNT

Oregon Public Employees Retirement Fund grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,856 shares of the software maker’s stock after purchasing an additional 200 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Fortinet were worth $5,799,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dover Advisors LLC increased its stake in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after acquiring an additional 94 shares during the last quarter. Hemington Wealth Management increased its position in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the last quarter. Peloton Wealth Strategists increased its position in shares of Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the last quarter. Trust Co. of Vermont raised its stake in Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares in the last quarter. Finally, Board of the Pension Protection Fund lifted its position in Fortinet by 4.5% during the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock valued at $243,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada reduced their target price on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Wedbush lowered their price target on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and set a $105.00 price target on shares of Fortinet in a research note on Thursday, August 7th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $97.03.

Fortinet Trading Up 1.4%

NASDAQ FTNT opened at $84.20 on Tuesday. The firm has a market cap of $64.52 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The stock has a 50-day moving average of $81.43 and a 200-day moving average of $94.43. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the firm earned $0.57 EPS. The business’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

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.