Fortinet, Inc. $FTNT Shares Bought by AEGON ASSET MANAGEMENT UK Plc

AEGON ASSET MANAGEMENT UK Plc boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,381 shares of the software maker’s stock after purchasing an additional 498 shares during the period. AEGON ASSET MANAGEMENT UK Plc’s holdings in Fortinet were worth $357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. Invesco Ltd. increased its holdings in Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after buying an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Northern Trust Corp increased its holdings in Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after buying an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Morgan Stanley reaffirmed an “underweight” rating and issued a $67.00 price objective (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. UBS Group cut their price objective on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Finally, Stifel Nicolaus cut their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $97.03.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Fortinet Stock Up 0.6%

FTNT stock opened at $83.58 on Thursday. The stock has a market capitalization of $64.04 billion, a P/E ratio of 33.30, a P/E/G ratio of 3.13 and a beta of 1.09. The firm has a 50-day simple moving average of $80.91 and a 200-day simple moving average of $94.28. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.