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

Robeco Institutional Asset Management B.V. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.6% during the 1st quarter, according to 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 period. Robeco Institutional Asset Management B.V. owned 0.35% of Fortinet worth $257,823,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. lifted its position in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after buying an additional 730,994 shares during the last quarter. Geode Capital Management LLC lifted its position in Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after acquiring an additional 387,901 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank acquired a new stake in shares of Fortinet during the fourth quarter worth about $724,048,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $103.69 on Thursday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market cap of $79.37 billion, a P/E ratio of 42.67, a PEG ratio of 3.60 and a beta of 1.06. The stock has a fifty day moving average price of $102.25 and a two-hundred day moving average price of $100.39. 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 (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the business posted $0.43 earnings per share. The company’s quarterly revenue was up 13.8% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on FTNT. Royal Bank Of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Stifel Nicolaus decreased their price target 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. Robert W. Baird raised their price objective on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $125.00 target price on shares of Fortinet in a report on Tuesday, June 17th. Finally, Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $105.62.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 335 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were bought 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 directly 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the 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 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.