Daiwa Securities Group Inc. Buys 6,182 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Daiwa Securities Group Inc. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,056 shares of the software maker's stock after purchasing an additional 6,182 shares during the period. Daiwa Securities Group Inc.'s holdings in Fortinet were worth $11,094,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eastern Bank bought a new position in Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the second quarter valued at about $33,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock worth $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FTNT. Scotiabank raised their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector outperform" rating in a report on Wednesday, November 20th. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. Finally, Mizuho downgraded Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 price target on the stock. in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $88.93.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock worth $4,058,575 over the last quarter. Company insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.4 %

FTNT stock traded up $0.35 during mid-day trading on Monday, reaching $93.12. The company had a trading volume of 8,804,046 shares, compared to its average volume of 5,514,081. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a 50 day simple moving average of $82.79 and a two-hundred day simple moving average of $70.69. The company has a market capitalization of $71.37 billion, a price-to-earnings ratio of 47.03, a PEG ratio of 2.69 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59.

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.