Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by PGGM Investments

PGGM Investments cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,431 shares of the software maker’s stock after selling 9,591 shares during the period. PGGM Investments’ holdings in Fortinet were worth $10,209,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FTNT. Headinvest LLC acquired a new stake in Fortinet in the third quarter worth $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the fourth quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Fortinet during the third quarter valued at $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at $43,000. Finally, CVA Family Office LLC acquired a new position in shares of Fortinet during the fourth quarter valued at $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 0.2 %

NASDAQ FTNT traded up $0.15 during trading on Friday, reaching $64.18. 4,138,352 shares of the company’s stock were exchanged, compared to its average volume of 4,170,089. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm has a market capitalization of $48.97 billion, a PE ratio of 44.26, a P/E/G ratio of 2.85 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company’s fifty day simple moving average is $67.96 and its 200-day simple moving average is $61.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company posted $0.38 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Cantor Fitzgerald reissued a “neutral” rating and set a $65.00 price target on shares of Fortinet in a report on Wednesday, April 17th. DZ Bank lowered Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Susquehanna reissued a “neutral” rating and set a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Tuesday, February 13th. Finally, Mizuho raised their price target on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $72.19.

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.