NN Investment Partners Holdings N.V. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 55.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,130 shares of the software maker’s stock after selling 33,536 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Fortinet were worth $7,922,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in Fortinet by 19.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,529,520 shares of the software maker’s stock worth $2,746,216,000 after buying an additional 1,889,386 shares in the last quarter. 1832 Asset Management L.P. lifted its position in Fortinet by 1,474.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 629,618 shares of the software maker’s stock worth $151,160,000 after buying an additional 589,618 shares in the last quarter. Nordea Investment Management AB lifted its position in Fortinet by 97.4% in the 3rd quarter. Nordea Investment Management AB now owns 1,187,314 shares of the software maker’s stock worth $347,894,000 after buying an additional 585,980 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Fortinet in the 3rd quarter worth approximately $123,599,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Fortinet by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,864,862 shares of the software maker’s stock valued at $1,158,762,000 after purchasing an additional 397,579 shares in the last quarter. Institutional investors and hedge funds own 67.27% of the company’s stock.
Shares of NASDAQ FTNT opened at $312.54 on Friday. The stock has a market cap of $51.10 billion, a P/E ratio of 94.14, a P/E/G ratio of 6.13 and a beta of 1.16. The firm has a 50 day moving average price of $331.98 and a 200 day moving average price of $309.00. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.72 and a current ratio of 1.80. Fortinet, Inc. has a 52-week low of $143.63 and a 52-week high of $371.77.
A number of research firms have recently weighed in on FTNT. Royal Bank of Canada raised their price target on shares of Fortinet from $248.00 to $347.00 and gave the company a “sector perform” rating in a report on Friday, November 5th. BMO Capital Markets lifted their target price on shares of Fortinet from $335.00 to $375.00 and gave the company a “market perform” rating in a research report on Friday, November 5th. William Blair reissued an “outperform” rating on shares of Fortinet in a report on Friday, November 5th. Stifel Nicolaus started coverage on shares of Fortinet in a research note on Tuesday, September 21st. They issued a “buy” rating and a $355.00 target price for the company. Finally, Raymond James boosted their target price on shares of Fortinet from $295.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $325.05.
In other news, CFO Keith Jensen sold 1,550 shares of the business’s stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $339.84, for a total value of $526,752.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP John Whittle sold 2,412 shares of the business’s stock in a transaction on Tuesday, December 21st. The stock was sold at an average price of $332.31, for a total transaction of $801,531.72. The disclosure for this sale can be found here. Insiders sold 18,863 shares of company stock valued at $6,257,004 in the last quarter. Corporate insiders own 18.60% of the company’s stock.
Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.
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