Oregon Public Employees Retirement Fund Cuts Stake in Fortinet Inc (NASDAQ:FTNT)

Oregon Public Employees Retirement Fund cut its position in shares of Fortinet Inc (NASDAQ:FTNT) by 30.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,228 shares of the software maker’s stock after selling 14,412 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Fortinet were worth $2,706,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Fortinet in the 4th quarter worth approximately $108,282,000. Millennium Management LLC raised its position in Fortinet by 747.9% in the 4th quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock worth $118,967,000 after purchasing an additional 1,489,927 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its position in Fortinet by 45.5% in the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock worth $183,048,000 after purchasing an additional 812,206 shares during the last quarter. Geode Capital Management LLC raised its position in Fortinet by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after purchasing an additional 787,230 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in Fortinet by 175.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 693,740 shares of the software maker’s stock worth $48,860,000 after purchasing an additional 441,740 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently weighed in on FTNT shares. Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price objective (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Mizuho began coverage on shares of Fortinet in a research report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 target price for the company. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Northland Securities reiterated a “buy” rating and set a $100.00 target price on shares of Fortinet in a research report on Friday, May 3rd. Finally, OTR Global raised shares of Fortinet to a “positive” rating in a report on Monday, April 15th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $85.54.

In other news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the transaction, the vice president now directly owns 6,388,548 shares in the company, valued at $449,945,435.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Whittle sold 1,248 shares of Fortinet stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $83.41, for a total transaction of $104,095.68. Following the transaction, the vice president now owns 9,308 shares of the company’s stock, valued at $776,380.28. The disclosure for this sale can be found here. Insiders sold 64,511 shares of company stock worth $4,865,082 in the last 90 days. Company insiders own 17.70% of the company’s stock.

Shares of NASDAQ FTNT traded down $0.90 during trading hours on Friday, hitting $75.71. 1,183,990 shares of the stock were exchanged, compared to its average volume of 1,820,790. The firm has a market capitalization of $13.15 billion, a price-to-earnings ratio of 67.00, a P/E/G ratio of 3.91 and a beta of 1.13. Fortinet Inc has a 1-year low of $61.08 and a 1-year high of $96.96.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.26. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The business had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. During the same quarter last year, the business posted $0.33 EPS. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. Equities research analysts predict that Fortinet Inc will post 1.31 earnings per share for the current year.

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About Fortinet

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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