Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Achmea Investment Management B.V.

Achmea Investment Management B.V. increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 420.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 538,009 shares of the software maker's stock after acquiring an additional 434,682 shares during the period. Fortinet makes up 0.8% of Achmea Investment Management B.V.'s portfolio, making the stock its 25th biggest position. Achmea Investment Management B.V. owned approximately 0.07% of Fortinet worth $51,789,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. SJS Investment Consulting Inc. raised 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 acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the fourth quarter valued at about $27,000. ORG Partners LLC lifted its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the period. EQ Wealth Advisors LLC bought a new position in Fortinet in the 1st quarter valued at about $35,000. Finally, Oarsman Capital Inc. increased its stake in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 0.2%

Shares of NASDAQ FTNT opened at $103.86 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market cap of $79.50 billion, a P/E ratio of 42.74, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06. The firm has a 50 day moving average price of $102.40 and a two-hundred day moving average price of $100.43.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm posted $0.43 EPS. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on FTNT shares. Morgan Stanley lowered their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company cut their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price objective on shares of Fortinet in a research report on Tuesday, June 17th. Cantor Fitzgerald cut their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $105.62.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. 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 3,546 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

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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