Mn Services Vermogensbeheer B.V. Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Mn Services Vermogensbeheer B.V. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 256,690 shares of the software maker’s stock after buying an additional 5,100 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Fortinet were worth $24,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its stake in Fortinet by 21.0% during the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after acquiring an additional 2,775 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Fortinet by 37.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock worth $5,841,000 after purchasing an additional 20,368 shares in the last quarter. abrdn plc boosted its holdings in Fortinet by 8.2% in the 3rd quarter. abrdn plc now owns 260,612 shares of the software maker’s stock valued at $20,128,000 after purchasing an additional 19,655 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at $218,000. Finally, First Trust Direct Indexing L.P. increased its holdings in shares of Fortinet by 17.0% in the third quarter. First Trust Direct Indexing L.P. now owns 22,340 shares of the software maker’s stock worth $1,732,000 after purchasing an additional 3,241 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,120 shares of company stock worth $8,991,409. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT opened at $107.09 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market cap of $82.08 billion, a price-to-earnings ratio of 47.39, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a fifty day simple moving average of $101.09 and a two-hundred day simple moving average of $89.48.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on FTNT. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company upped their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $103.72.

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.