Asset Management One Co. Ltd. Buys 14,123 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Asset Management One Co. Ltd. increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 368,295 shares of the software maker’s stock after acquiring an additional 14,123 shares during the period. Asset Management One Co. Ltd.’s holdings in Fortinet were worth $28,561,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Forsta AP Fonden increased its position in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers grew its position in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after acquiring an additional 132,871 shares during the last quarter. Sei Investments Co. raised its stake in shares of Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after acquiring an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Fortinet by 29.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FTNT shares. Barclays lifted their target price on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a report on Thursday, October 17th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $74.68.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 70,538 shares of company stock valued at $5,403,559 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.1 %

Fortinet stock opened at $78.84 on Tuesday. Fortinet, Inc. has a 12 month low of $47.66 and a 12 month high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business’s fifty day simple moving average is $78.06 and its two-hundred day simple moving average is $67.52. The company has a market capitalization of $60.31 billion, a price-to-earnings ratio of 46.65, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business earned $0.31 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 1.75 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.