20,467 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by APG Asset Management US Inc.

APG Asset Management US Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 20,467 shares of the software maker’s stock, valued at approximately $1,934,000.

Several other hedge funds also recently modified their holdings of FTNT. Manchester Capital Management LLC boosted its position in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its stake in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the last quarter. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its holdings in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after acquiring an additional 116 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 0.2 %

Fortinet stock opened at $88.15 on Wednesday. The firm has a market capitalization of $67.79 billion, a price-to-earnings ratio of 39.00, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a 50 day moving average price of $101.96 and a 200 day moving average price of $94.13. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $99.32, for a total value of $99,320.00. Following the sale, the director now owns 20,612 shares in the company, valued at $2,047,183.84. The trade was a 4.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. upped their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Morgan Stanley assumed coverage on Fortinet in a research note on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 price objective on the stock. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Royal Bank of Canada raised their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $105.77.

Fortinet Company 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.