APG Asset Management N.V. Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

APG Asset Management N.V. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 580.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 412,881 shares of the software maker's stock after acquiring an additional 352,202 shares during the quarter. APG Asset Management N.V. owned 0.05% of Fortinet worth $37,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC lifted its holdings in Fortinet by 10.0% during the third quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker's stock worth $931,000 after acquiring an additional 1,088 shares during the period. Kovitz Investment Group Partners LLC boosted its holdings in shares of Fortinet by 108.6% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 31,783 shares of the software maker's stock worth $2,465,000 after buying an additional 16,550 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Fortinet in the 3rd quarter worth about $1,454,000. Orion Portfolio Solutions LLC increased its holdings in Fortinet by 3.5% during the third quarter. Orion Portfolio Solutions LLC now owns 12,442 shares of the software maker's stock worth $965,000 after buying an additional 416 shares during the last quarter. Finally, MML Investors Services LLC raised its position in Fortinet by 13.0% in the third quarter. MML Investors Services LLC now owns 45,710 shares of the software maker's stock worth $3,545,000 after acquiring an additional 5,263 shares during the period. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research reports. Rosenblatt Securities increased their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Morgan Stanley began coverage on Fortinet in a research report on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 target price for the company. The Goldman Sachs Group upped their price target on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Wells Fargo & Company lifted their price objective on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $105.77.

Insider Activity

In other news, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 1.5 %

Shares of Fortinet stock traded down $1.43 during trading on Monday, reaching $96.30. The company's stock had a trading volume of 1,356,797 shares, compared to its average volume of 5,059,860. The company has a market cap of $74.05 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 4.19 and a beta of 1.09. The firm's 50-day moving average is $101.72 and its two-hundred day moving average is $94.72. 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS 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%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current 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.