Fortinet, Inc. $FTNT Holdings Decreased by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. has reduced its stake in Fortinet, Inc. by 5.6%, bringing its total holdings to 389,859 shares valued at approximately $34.74 million.
• Recent analyst reports have generally indicated a cautious outlook for Fortinet, with several firms lowering their price targets to around $85.00, which is below the current market price of about $80.02.
• Fortinet reported earnings of $0.64 per share for the last quarter, exceeding expectations, and recorded a year-over-year revenue increase of 13.6%.

APG Asset Management N.V. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 389,859 shares of the software maker's stock after selling 23,022 shares during the period. APG Asset Management N.V. owned about 0.05% of Fortinet worth $34,742,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ritholtz Wealth Management increased its stake in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after buying an additional 1,885 shares during the period. Gould Capital LLC acquired a new stake in shares of Fortinet in the first quarter valued at approximately $908,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Fortinet in the first quarter valued at approximately $216,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after purchasing an additional 16,139 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Michael Xie sold 476,596 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Fortinet Stock Down 3.0%

Shares of FTNT traded down $2.38 during trading on Monday, reaching $77.64. The company's stock had a trading volume of 7,261,582 shares, compared to its average volume of 11,189,230. The company has a fifty day moving average of $96.50 and a two-hundred day moving average of $99.88. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a market cap of $59.49 billion, a price-to-earnings ratio of 30.93, a P/E/G ratio of 3.03 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $0.57 EPS. Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a "neutral" rating and set a $85.00 price target (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. KeyCorp cut Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. BMO Capital Markets dropped their price objective on Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a research report on Thursday, August 7th. UBS Group decreased their price target on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Finally, Truist Financial decreased their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $97.40.

About Fortinet

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.