Illinois Municipal Retirement Fund Has $11.77 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Illinois Municipal Retirement Fund lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 122,233 shares of the software maker’s stock after selling 46,092 shares during the period. Illinois Municipal Retirement Fund’s holdings in Fortinet were worth $11,766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Proficio Capital Partners LLC raised its holdings in shares of Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock valued at $547,000 after purchasing an additional 544,357 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after purchasing an additional 1,885 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Fortinet during the 1st quarter valued at $216,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after purchasing an additional 38,080 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after purchasing an additional 16,139 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. Jefferies Financial Group dropped their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Robert W. Baird lifted their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Finally, UBS Group dropped their target price on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $105.62.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $103.11 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm’s 50-day simple moving average is $102.54 and its 200-day simple moving average is $100.47. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market cap of $78.92 billion, a P/E ratio of 42.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business earned $0.43 EPS. The firm’s revenue was up 13.8% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

About Fortinet

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.