Fortinet, Inc. $FTNT Stock Position Trimmed by Robeco Institutional Asset Management B.V.

Key Points

• Robeco Institutional Asset Management B.V. reduced its stake in Fortinet by 4.4%, owning 2,561,339 shares valued at approximately $270.8 million after selling 117,064 shares in the second quarter.
• CEO Ken Xie and VP Michael Xie both sold significant amounts of Fortinet shares on August 4, with Ken Xie's sale totaling around $15.6 million and Michael Xie's at roughly $46.9 million, reflecting decreases in their respective ownership stakes.
• Major equity analysts have downgraded Fortinet's stock rating, with several lowering target prices to around $85, although analysts still maintain a consensus rating of "Hold" for the stock.

Robeco Institutional Asset Management B.V. cut its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,561,339 shares of the software maker's stock after selling 117,064 shares during the quarter. Robeco Institutional Asset Management B.V. owned about 0.33% of Fortinet worth $270,785,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. increased its stake in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares during the period. Saudi Central Bank acquired a new position in Fortinet during the 1st quarter valued at about $25,000. Clearstead Trust LLC acquired a new position in Fortinet during the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd increased its stake in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares during the period. Finally, ORG Partners LLC increased its stake in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,486 shares of Fortinet 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on FTNT shares. Citigroup reissued a "neutral" rating and set a $85.00 target price (down previously from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Stifel Nicolaus lowered their target price on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research note on Thursday, August 7th. UBS Group lowered their price objective on shares of Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. lowered their price objective on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Finally, DZ Bank raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective on the stock in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $97.03.

Fortinet Price Performance

NASDAQ FTNT opened at $85.18 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $65.27 billion, a PE ratio of 33.94, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09. The company has a 50 day moving average price of $84.10 and a two-hundred day moving average price of $95.23. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted 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. The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company's revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.

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