AEGON ASSET MANAGEMENT UK Plc Sells 71,892 Shares of Fortinet, Inc. $FTNT

AEGON ASSET MANAGEMENT UK Plc trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 161,191 shares of the software maker's stock after selling 71,892 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in Fortinet were worth $28,815,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of FTNT. Burk Holdings LLC bought a new stake in Fortinet in the 2nd quarter worth approximately $25,000. Dunhill Financial LLC purchased a new stake in shares of Fortinet during the 2nd quarter worth approximately $25,000. Cornerstone Financial Management LLC raised its holdings in shares of Fortinet by 102.5% during the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker's stock worth $25,000 after acquiring an additional 83 shares in the last quarter. NFSG Corp bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $34,000. Finally, Timbuktu Capital Management LLC bought a new position in shares of Fortinet during the 2nd quarter valued at approximately $31,000. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 161,483 shares of the business's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $6,849,857,423.32. The trade was a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 2,835 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total value of $478,377.90. Following the completion of the transaction, the chief operating officer directly owned 96,987 shares in the company, valued at $16,365,586.38. This trade represents a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 221,304 shares of company stock worth $30,675,309. 17.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FTNT shares. Mizuho set a $118.00 price target on shares of Fortinet in a research report on Thursday, October 29th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Thursday, October 29th. Sanford C. Bernstein reissued a "market perform" rating and issued a $145.00 price objective (up from $102.00) on shares of Fortinet in a research note on Thursday, September 17th. DZ Bank cut shares of Fortinet from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 30th. Finally, Arete Research downgraded shares of Fortinet from a "buy" rating to a "sell" rating and set a $117.00 target price on the stock. in a report on Wednesday, October 21st. Eleven analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have assigned a Sell rating to the company's stock. According to MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus target price of $150.44.

Fortinet Stock Up 3.1%

Shares of FTNT opened at $122.47 on Tuesday. The company has a market cap of $89.98 billion, a PE ratio of 39.76, a P/E/G ratio of 2.48 and a beta of 1.04. The business has a fifty day moving average of $167.19 and a 200 day moving average of $129.73. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The business had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The business's revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.74 earnings per share. On average, sell-side analysts expect that Fortinet, Inc. will post 3.21 EPS for the current year.

Fortinet Company Profile

Fortinet, Inc is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions.

The company's Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.