Robeco Institutional Asset Management B.V. Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Robeco Institutional Asset Management B.V. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.9% during the fourth quarter, Holdings Channel reports. The firm owned 3,135,965 shares of the software maker’s stock after selling 268,010 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Fortinet were worth $296,286,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. First Hawaiian Bank purchased a new stake in Fortinet during the fourth quarter worth about $670,000. LVM Capital Management Ltd. MI increased its stake in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the period. Apollon Wealth Management LLC increased its stake in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the period. Forsta AP Fonden increased its stake in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in shares of Fortinet during the third quarter worth approximately $10,343,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 3.2 %

NASDAQ:FTNT opened at $99.83 on Wednesday. The stock has a fifty day moving average price of $95.98 and a two-hundred day moving average price of $82.45. The stock has a market capitalization of $76.51 billion, a price-to-earnings ratio of 50.42, a PEG ratio of 2.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FTNT shares. Scotiabank upped their target price on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $96.83.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.