Achmea Investment Management B.V. Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Achmea Investment Management B.V. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,897 shares of the software maker’s stock after purchasing an additional 2,396 shares during the period. Achmea Investment Management B.V.’s holdings in Fortinet were worth $6,201,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vima LLC purchased a new stake in Fortinet during the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the first quarter worth $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $32,000. Finally, Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $74.49 on Friday. The firm has a market cap of $56.91 billion, a P/E ratio of 48.69, a P/E/G ratio of 2.71 and a beta of 0.99. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.08. The business’s 50-day moving average price is $66.99 and its 200 day moving average price is $65.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the business posted $0.31 EPS. The company’s revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research note on Wednesday, August 7th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $71.31.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,672 shares of company stock valued at $4,573,864. 18.00% of the stock is owned by company insiders.

Fortinet Company 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.