Oregon Public Employees Retirement Fund Buys 200 Shares of Fortinet, Inc. $FTNT

Oregon Public Employees Retirement Fund raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 54,856 shares of the software maker’s stock after buying an additional 200 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Fortinet were worth $5,799,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares during the period. AQR Capital Management LLC grew its holdings in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after acquiring an additional 1,733,670 shares during the period. Nuveen LLC purchased a new position in shares of Fortinet during the 1st quarter worth approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Fortinet by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. purchased a new position in shares of Fortinet in the 2nd quarter valued at approximately $108,056,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.4%

Shares of Fortinet stock opened at $84.20 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market capitalization of $64.52 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a 50-day simple moving average of $81.43 and a two-hundred day simple moving average of $94.43.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.57 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FTNT has been the subject of a number of research reports. BMO Capital Markets decreased their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. TD Cowen reissued a “hold” rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Rosenblatt Securities reissued a “neutral” rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada decreased their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $97.03.

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.