Mn Services Vermogensbeheer B.V. Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mn Services Vermogensbeheer B.V. lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the third quarter, HoldingsChannel reports. The firm owned 251,590 shares of the software maker’s stock after selling 4,900 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Fortinet were worth $19,511,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Forsta AP Fonden boosted its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Sarasin & Partners LLP boosted its holdings in shares of Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Scotiabank raised their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Truist Financial raised their price objective on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Finally, Susquehanna increased their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $74.68.

Fortinet Price Performance

FTNT opened at $78.84 on Tuesday. The stock’s 50-day moving average price is $78.06 and its 200 day moving average price is $67.52. Fortinet, Inc. has a 12-month low of $47.66 and a 12-month high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The firm has a market cap of $60.31 billion, a price-to-earnings ratio of 46.65, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.75 earnings per share for the current year.

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.