Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp cut its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 15.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,847,500 shares of the software maker's stock after selling 347,410 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.24% of Fortinet worth $174,552,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FTNT. First Hawaiian Bank purchased a new position in shares of Fortinet in the 4th quarter valued at approximately $670,000. LVM Capital Management Ltd. MI raised its holdings in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Trilogy Capital Inc. lifted its stake in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after buying an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. grew its holdings in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock valued at $28,343,000 after buying an additional 169,530 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Fortinet in the 3rd quarter worth $10,343,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 328 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction that occurred on 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 sale, the vice president now 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by corporate insiders.

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Fortinet Stock Down 3.0 %

NASDAQ FTNT traded down $2.94 during trading hours on Friday, hitting $96.60. 4,499,314 shares of the company were exchanged, compared to its average volume of 4,970,900. The company has a 50 day moving average of $102.97 and a two-hundred day moving average of $93.26. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) 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 net margin of 29.30% and a return on equity of 256.53%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FTNT. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Cantor Fitzgerald lifted 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, Morgan Stanley initiated coverage on Fortinet in a report on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 target price for the company. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $105.69.

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.