Asset Management One Co. Ltd. Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Asset Management One Co. Ltd. raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 387,478 shares of the software maker's stock after acquiring an additional 19,183 shares during the period. Asset Management One Co. Ltd. owned approximately 0.05% of Fortinet worth $37,229,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Kickstand Ventures LLC. acquired a new stake in Fortinet in the fourth quarter valued at approximately $210,000. MGB Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $221,000. Castellan Group bought a new position in shares of Fortinet in the fourth quarter valued at approximately $8,239,000. HMS Capital Management LLC lifted its holdings in Fortinet by 1.0% during the fourth quarter. HMS Capital Management LLC now owns 30,318 shares of the software maker's stock worth $2,864,000 after acquiring an additional 294 shares during the period. Finally, Fiera Capital Corp boosted its position in Fortinet by 14.4% in the fourth quarter. Fiera Capital Corp now owns 1,042,009 shares of the software maker's stock worth $98,449,000 after purchasing an additional 131,393 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock traded up $2.89 during trading hours on Tuesday, reaching $114.53. The company had a trading volume of 2,502,563 shares, compared to its average volume of 4,437,625. The business has a fifty day moving average price of $98.89 and a 200-day moving average price of $87.15. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $87.78 billion, a PE ratio of 50.68, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Sell-side analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Baird R W cut shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Robert W. Baird restated a "neutral" rating and set a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Wells Fargo & Company upped their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $103.72.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the firm'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 transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,610 shares of company stock worth $6,083,029 over the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet 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.