Rakuten Securities Inc. Has $220,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Rakuten Securities Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 532.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,328 shares of the software maker’s stock after acquiring an additional 1,960 shares during the quarter. Rakuten Securities Inc.’s holdings in Fortinet were worth $220,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Amundi boosted its holdings in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after buying an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC grew its stake in Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after buying an additional 1,682,708 shares during the last quarter. State Street Corp raised its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Fortinet during the 4th quarter worth $69,381,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of FTNT stock opened at $98.28 on Wednesday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. 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 firm’s 50 day moving average is $102.15 and its 200-day moving average is $91.36. The firm has a market capitalization of $75.57 billion, a price-to-earnings ratio of 43.49, a PEG ratio of 4.19 and a beta of 0.97.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 620,904 shares of company stock valued at $61,138,694. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Bank of America raised their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Cantor Fitzgerald raised their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $103.72.

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.