State of Alaska Department of Revenue Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

State of Alaska Department of Revenue grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,156 shares of the software maker’s stock after purchasing an additional 315 shares during the period. State of Alaska Department of Revenue’s holdings in Fortinet were worth $4,724,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. TFO Wealth Partners LLC lifted its stake in Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after acquiring an additional 18,167 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares during the period. LGT Group Foundation grew its holdings in shares of Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares in the last quarter. Finally, Alamar Capital Management LLC increased its stake in Fortinet by 12.5% during the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after buying an additional 7,110 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research reports. Mizuho dropped their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. BMO Capital Markets cut their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a report on Friday, May 3rd. Barclays decreased their price objective on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Jefferies Financial Group cut their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Finally, Truist Financial decreased their price target on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $70.03.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, Director William H. Neukom purchased 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the company’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 transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 over the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $60.73 on Friday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The stock has a market capitalization of $46.39 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 2.98 and a beta of 0.98. The company has a 50-day simple moving average of $60.27 and a 200-day simple moving average of $63.78.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the business earned $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Fortinet Company Profile

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.