Robeco Institutional Asset Management B.V. Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

Robeco Institutional Asset Management B.V. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,678,403 shares of the software maker's stock after selling 457,562 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.35% of Fortinet worth $257,823,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Proficio Capital Partners LLC lifted its stake in shares of Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after acquiring an additional 544,357 shares during the last quarter. Ritholtz Wealth Management lifted its stake in shares of Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after acquiring an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Fortinet in the 1st quarter valued at $216,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Fortinet by 40.8% in the 1st 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 last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after acquiring an additional 16,139 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Roth Capital set a $103.00 price target on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Royal Bank Of Canada dropped their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. BMO Capital Markets lowered their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Finally, KeyCorp lowered their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $105.62.

Fortinet Stock Down 0.7%

Shares of FTNT traded down $0.75 during trading hours on Friday, hitting $103.11. The stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,385. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a 50 day simple moving average of $102.54 and a 200-day simple moving average of $100.47. The firm has a market capitalization of $78.92 billion, a P/E ratio of 42.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

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

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director now owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated 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 transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

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.