Mn Services Vermogensbeheer B.V. Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Mn Services Vermogensbeheer B.V. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 238,290 shares of the software maker's stock after selling 18,400 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Fortinet were worth $22,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Fortinet during the fourth quarter valued at $724,048,000. Schroder Investment Management Group acquired a new position in shares of Fortinet during the 4th quarter worth about $389,867,000. FMR LLC lifted its stake in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after buying an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Stock Up 1.1%

Shares of FTNT traded up $1.12 during midday trading on Monday, hitting $101.95. The company had a trading volume of 3,518,791 shares, compared to its average volume of 4,967,215. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market capitalization of $78.03 billion, a P/E ratio of 45.11, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company's 50-day simple moving average is $101.38 and its 200-day simple moving average is $100.14.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.43 EPS. The firm's revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FTNT. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. KeyCorp decreased their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Finally, Stifel Nicolaus dropped their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $104.80.

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.