Nomura Asset Management Co. Ltd. Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Nomura Asset Management Co. Ltd. raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 282,990 shares of the software maker's stock after buying an additional 17,073 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Fortinet were worth $21,946,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of FTNT. State Street Corp boosted its position in Fortinet by 2.9% during the third 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 last quarter. Swedbank AB raised its position in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock valued at $491,610,000 after buying an additional 134,366 shares during the period. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock worth $448,854,000 after acquiring an additional 542,727 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research analyst reports. BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday, November 19th. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Barclays lifted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research note on Tuesday, November 19th. Finally, Scotiabank lifted their price objective on Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $88.93.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the business's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock worth $5,746,974 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.91 during mid-day trading on Wednesday, hitting $98.04. 3,416,246 shares of the company were exchanged, compared to its average volume of 5,438,189. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $75.14 billion, a price-to-earnings ratio of 49.52, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. The stock has a 50 day simple moving average of $87.54 and a 200-day simple moving average of $73.62. Fortinet, Inc. has a 1-year low of $53.40 and a 1-year 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.