Public Employees Retirement System of Ohio lowered its holdings in Fortinet Inc (NASDAQ:FTNT) by 7.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 65,385 shares of the software maker’s stock after selling 5,104 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Fortinet were worth $5,024,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC grew its stake in Fortinet by 495.1% during the first quarter. FMR LLC now owns 1,243,818 shares of the software maker’s stock valued at $104,444,000 after acquiring an additional 1,034,818 shares in the last quarter. AQR Capital Management LLC grew its stake in Fortinet by 35.5% during the first quarter. AQR Capital Management LLC now owns 3,803,217 shares of the software maker’s stock valued at $316,808,000 after acquiring an additional 997,004 shares in the last quarter. Geode Capital Management LLC grew its stake in Fortinet by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after acquiring an additional 787,230 shares in the last quarter. Wells Fargo & Company MN grew its stake in Fortinet by 71.6% during the second quarter. Wells Fargo & Company MN now owns 1,280,262 shares of the software maker’s stock valued at $98,363,000 after acquiring an additional 534,070 shares in the last quarter. Finally, Altshuler Shaham Ltd grew its stake in Fortinet by 23.4% in the 2nd quarter. Altshuler Shaham Ltd now owns 2,294,523 shares of the software maker’s stock worth $176,288,000 after buying an additional 434,502 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.

In related news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $78.13, for a total transaction of $3,125,200.00. Following the completion of the sale, the vice president now directly owns 6,338,989 shares in the company, valued at approximately $495,265,210.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total transaction of $80,720.00. Following the sale, the director now owns 75,213 shares of the company’s stock, valued at $6,071,193.36. The disclosure for this sale can be found here. Insiders sold a total of 50,250 shares of company stock valued at $3,950,598 in the last ninety days. 17.20% of the stock is owned by corporate insiders.

Shares of Fortinet stock traded up $0.27 during trading on Friday, reaching $78.64. The company’s stock had a trading volume of 27,369 shares, compared to its average volume of 1,248,080. Fortinet Inc has a 52-week low of $64.41 and a 52-week high of $96.96. The company has a market cap of $13.50 billion, a price-to-earnings ratio of 69.73, a PEG ratio of 3.58 and a beta of 1.09. The firm’s 50-day moving average is $81.55 and its two-hundred day moving average is $82.54.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The company had revenue of $521.70 million during the quarter, compared to analysts’ expectations of $511.38 million. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue was up 18.2% on a year-over-year basis. As a group, analysts predict that Fortinet Inc will post 1.43 EPS for the current fiscal year.

FTNT has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price target for the company in a research note on Monday, June 24th. Monness Crespi & Hardt reissued a “buy” rating and issued a $102.00 price target (up previously from $97.00) on shares of Fortinet in a research note on Friday, August 2nd. ValuEngine cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Morgan Stanley boosted their price target on shares of Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Bank of America raised shares of Fortinet from a “neutral” rating to a “buy” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. Fortinet has an average rating of “Hold” and an average target price of $87.96.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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