State of New Jersey Common Pension Fund D Purchases 3,036 Shares of Fortinet, Inc. (NASDAQ:FTNT)

State of New Jersey Common Pension Fund D grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 384,735 shares of the software maker’s stock after purchasing an additional 3,036 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of Fortinet worth $22,519,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB grew its position in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares during the last quarter. Morgan Stanley grew its position in shares of Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after buying an additional 108,548 shares during the last quarter. Invesco Ltd. grew its position in shares of Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after buying an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after buying an additional 153,119 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after buying an additional 1,585,236 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Fortinet stock traded down $1.42 during trading on Thursday, reaching $64.03. The company had a trading volume of 3,666,120 shares, compared to its average volume of 5,797,999. The firm’s 50-day simple moving average is $68.17 and its 200 day simple moving average is $61.70. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 45.14, a price-to-earnings-growth ratio of 2.88 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a research report on Wednesday, February 7th. Susquehanna restated a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Citigroup cut Fortinet from a “buy” rating to a “neutral” rating and raised their target price for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $65.00 target price on shares of Fortinet in a research note on Wednesday, April 17th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,139 shares of company stock worth $8,977,876. Company insiders own 17.54% of the company’s stock.

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.