Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 110.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,582 shares of the software maker's stock after buying an additional 21,294 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Fortinet were worth $3,834,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FTNT. Advisors Asset Management Inc. boosted its position in Fortinet by 11.1% during the third quarter. Advisors Asset Management Inc. now owns 19,580 shares of the software maker's stock valued at $1,518,000 after buying an additional 1,955 shares during the period. Fisher Asset Management LLC boosted its holdings in Fortinet by 29.3% during the 3rd quarter. Fisher Asset Management LLC now owns 37,010 shares of the software maker's stock valued at $2,870,000 after acquiring an additional 8,392 shares during the period. Independent Advisor Alliance grew its position in Fortinet by 5.9% during the 3rd quarter. Independent Advisor Alliance now owns 19,480 shares of the software maker's stock worth $1,511,000 after acquiring an additional 1,087 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in Fortinet by 97.5% in the 3rd quarter. Loomis Sayles & Co. L P now owns 7,086 shares of the software maker's stock worth $550,000 after purchasing an additional 3,499 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in Fortinet by 9.7% in the third quarter. Brown Brothers Harriman & Co. now owns 3,816 shares of the software maker's stock valued at $296,000 after purchasing an additional 336 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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Fortinet Trading Down 3.0 %

Shares of NASDAQ FTNT traded down $2.94 during mid-day trading on Friday, reaching $96.60. The company had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business's 50-day moving average is $102.97 and its 200-day moving average is $93.26. The stock has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company'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 transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last ninety days. Corporate insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FTNT shares. Wells Fargo & Company lifted their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, March 21st. Royal Bank of Canada upped their price target on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a research report on Friday, February 7th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $105.69.

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.