PGGM Investments Has $13.49 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

PGGM Investments raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,775 shares of the software maker’s stock after buying an additional 6,352 shares during the period. PGGM Investments’ holdings in Fortinet were worth $13,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. State Street Corp lifted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. Amundi lifted its holdings in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after buying an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after buying an additional 156,766 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FTNT shares. Cantor Fitzgerald raised their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Piper Sandler restated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Royal Bank of Canada lifted their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Finally, TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $97.93 on Thursday. The stock has a fifty day moving average of $102.22 and a 200-day moving average of $91.41. The stock has a market cap of $75.31 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. 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 fifty-two week low of $54.57 and a fifty-two 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 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%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 622,904 shares of company stock valued at $61,338,694. Company insiders own 18.00% 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.