State of Michigan Retirement System Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

State of Michigan Retirement System raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 193,970 shares of the software maker’s stock after purchasing an additional 200 shares during the quarter. State of Michigan Retirement System’s holdings in Fortinet were worth $13,250,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Rise Advisors LLC raised its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Vima LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $25,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the 4th quarter valued at approximately $29,000. Headinvest LLC purchased a new stake in Fortinet in the third quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 1.9 %

FTNT opened at $61.01 on Wednesday. The business has a 50 day moving average price of $60.43 and a two-hundred day moving average price of $63.82. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market cap of $46.61 billion, a PE ratio of 39.88, a P/E/G ratio of 2.95 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock valued at $5,705,568 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research analyst reports. Scotiabank cut their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, May 3rd. Piper Sandler cut their price target on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Sunday. Royal Bank of Canada cut their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Friday, May 3rd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $70.03.

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.