Achmea Investment Management B.V. Sells 39,943 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Achmea Investment Management B.V. lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 103,327 shares of the software maker’s stock after selling 39,943 shares during the quarter. Achmea Investment Management B.V.’s holdings in Fortinet were worth $9,763,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter valued at $46,000. Private Trust Co. NA raised its position in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares during the last quarter. R Squared Ltd bought a new stake in shares of Fortinet during the fourth quarter worth $65,000. Finally, Venturi Wealth Management LLC boosted its holdings in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $93.42 on Friday. The company has a market capitalization of $71.84 billion, a price-to-earnings ratio of 41.34, a P/E/G ratio of 4.19 and a beta of 0.97. The business’s 50-day moving average price is $102.22 and its two-hundred day moving average price is $91.41. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the company. TD Cowen boosted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Wedbush lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Morgan Stanley lifted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group upped their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $103.72.

Fortinet 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.