PGGM Investments Buys 6,352 Shares of Fortinet, Inc. (NASDAQ:FTNT)

PGGM Investments boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,775 shares of the software maker’s stock after acquiring an additional 6,352 shares during the quarter. PGGM Investments’ holdings in Fortinet were worth $13,489,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. FMR LLC lifted its position in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Amundi raised its stake in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after acquiring an additional 1,682,708 shares during the last quarter. State Street Corp boosted its stake in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Fortinet during the 4th quarter valued at $69,381,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 622,904 shares of company stock valued at $61,338,694. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on FTNT shares. Royal Bank of Canada boosted their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Scotiabank lifted their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Finally, Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Trading Down 0.4 %

Shares of NASDAQ FTNT opened at $97.93 on Thursday. 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. The firm has a 50-day moving average of $102.22 and a 200 day moving average of $91.41. The stock has a market cap of $75.31 billion, a P/E ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.