APG Asset Management US Inc. Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

APG Asset Management US Inc. bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 20,467 shares of the software maker's stock, valued at approximately $1,934,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. increased its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in Fortinet in the 4th quarter valued at $43,000. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the 4th quarter valued at about $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in shares of Fortinet in the fourth quarter worth about $56,000. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of a number of research reports. Morgan Stanley began coverage on Fortinet in a research report on Tuesday, March 18th. They set an "overweight" rating and a $123.00 target price for the company. Robert W. Baird reiterated a "neutral" rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Piper Sandler reiterated an "overweight" rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Finally, Scotiabank raised their price target on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $105.77.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following 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 trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom bought 328 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT traded down $1.81 during mid-day trading on Monday, hitting $95.92. The stock had a trading volume of 1,493,463 shares, compared to its average volume of 5,060,501. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a 50 day simple moving average of $101.72 and a 200 day simple moving average of $94.72. The company has a market cap of $73.76 billion, a price-to-earnings ratio of 42.44, a P/E/G ratio of 4.19 and a beta of 1.09.

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

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.