Texas Permanent School Fund Corp Sells 26,409 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Texas Permanent School Fund Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 20.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,348 shares of the software maker’s stock after selling 26,409 shares during the period. Texas Permanent School Fund Corp’s holdings in Fortinet were worth $6,349,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Vima LLC purchased a new position in shares of Fortinet during the 4th quarter valued at $25,000. Winthrop Capital Management LLC purchased a new position in Fortinet during the first quarter worth about $25,000. Rise Advisors LLC increased its stake in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Creekmur Asset Management LLC bought a new position in Fortinet in the 4th quarter worth about $32,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the 2nd quarter valued at about $33,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Rosenblatt Securities decreased their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Citigroup increased their price target on shares of Fortinet from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $71.31.

Fortinet Stock Up 0.7 %

NASDAQ:FTNT opened at $76.64 on Thursday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm’s 50-day moving average price is $66.71 and its 200-day moving average price is $64.94. The company has a market capitalization of $58.55 billion, a PE ratio of 50.09, a P/E/G ratio of 2.71 and a beta of 0.99. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company earned $0.31 earnings per share. The business’s revenue was up 10.9% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold a total of 72,672 shares of company stock valued at $4,573,864 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet 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.