APG Asset Management N.V. Sells 63,781 Shares of Fortinet, Inc. (NASDAQ:FTNT)

APG Asset Management N.V. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 467,576 shares of the software maker’s stock after selling 63,781 shares during the period. APG Asset Management N.V.’s holdings in Fortinet were worth $26,294,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Sanibel Captiva Trust Company Inc. bought a new stake in Fortinet during the 4th quarter valued at $10,394,000. Advanced Portfolio Management LLC acquired a new stake in shares of Fortinet in the 4th quarter worth about $1,537,000. GAMMA Investing LLC lifted its position in Fortinet by 26.9% in the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock valued at $683,000 after acquiring an additional 2,118 shares in the last quarter. Sarasin & Partners LLP boosted its stake in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Finally, Banque Cantonale Vaudoise increased its holdings in Fortinet by 71.1% during the 1st quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock worth $4,945,000 after purchasing an additional 30,084 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company increased their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, BMO Capital Markets increased their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $71.57.

Fortinet Price Performance

FTNT stock opened at $77.45 on Friday. The firm has a 50 day moving average of $70.70 and a 200-day moving average of $65.46. The firm has a market capitalization of $59.24 billion, a P/E ratio of 50.62, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.18. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock worth $6,337,801 in the last ninety days. 18.00% of the stock is currently owned by insiders.

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.