National Pension Service lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 45.1% during the fourth quarter, Holdings Channel reports. The fund owned 1,220,008 shares of the software maker’s stock after selling 1,003,190 shares during the period. National Pension Service’s holdings in Fortinet were worth $96,881,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Pinnacle Holdings LLC bought a new stake in Fortinet during the 3rd quarter worth about $25,000. Ameriflex Group Inc. bought a new stake in Fortinet during the 3rd quarter worth about $25,000. Wexford Capital LP bought a new stake in Fortinet during the 3rd quarter worth about $25,000. Elyxium Wealth LLC bought a new stake in Fortinet during the 4th quarter worth about $27,000. Finally, Palisade Asset Management LLC bought a new stake in Fortinet during the 3rd quarter worth about $28,000. Institutional investors own 83.71% of the company’s stock.
Fortinet Stock Performance
Shares of NASDAQ:FTNT opened at $137.97 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The company has a market capitalization of $101.08 billion, a price-to-earnings ratio of 53.27, a P/E/G ratio of 3.57 and a beta of 0.92. The firm’s 50 day simple moving average is $96.96 and its 200 day simple moving average is $86.62. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $138.11.
Insider Activity
In other news, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the sale, the chief executive officer directly owned 52,978,004 shares in the company, valued at $4,709,744,555.60. This trade represents a 0.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the sale, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 153,848 shares of company stock worth $19,446,115 over the last ninety days. Insiders own 17.60% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on FTNT shares. Evercore set a $80.00 price objective on shares of Fortinet in a report on Friday, February 6th. Royal Bank Of Canada reissued a “sector perform” rating and set a $107.00 price objective (up from $90.00) on shares of Fortinet in a report on Thursday, May 7th. Stifel Nicolaus set a $85.00 target price on shares of Fortinet in a research note on Wednesday, March 11th. Weiss Ratings lowered shares of Fortinet from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, May 19th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $70.00 target price (up from $64.00) on shares of Fortinet in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $102.69.
Read Our Latest Stock Analysis on FTNT
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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