State of Alaska Department of Revenue Buys 2,020 Shares of Fortinet, Inc. (NASDAQ:FTNT)

State of Alaska Department of Revenue grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the first quarter, Holdings Channel.com reports. The fund owned 74,551 shares of the software maker’s stock after purchasing an additional 2,020 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fortinet were worth $7,176,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock valued at $2,530,000 after purchasing an additional 109 shares during the period. Fielder Capital Group LLC raised its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after buying an additional 116 shares during the period. Evergreen Capital Management LLC grew its position in shares of Fortinet by 2.0% during the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock worth $590,000 after buying an additional 124 shares in the last quarter. Finally, Truvestments Capital LLC increased its stake in shares of Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after buying an additional 127 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $100.82 on Friday. The business has a fifty day moving average of $101.82 and a 200 day moving average of $100.25. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market capitalization of $77.17 billion, a price-to-earnings ratio of 41.49, a price-to-earnings-growth ratio of 3.48 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the business posted $0.43 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on FTNT. Scotiabank lowered their price objective on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. DZ Bank raised shares of Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. UBS Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Roth Capital set a $103.00 target price on Fortinet and gave the company a “neutral” rating in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $104.80.

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.