Iyo Bank Ltd. Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Iyo Bank Ltd. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 194.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,050 shares of the software maker's stock after purchasing an additional 16,550 shares during the period. Iyo Bank Ltd.'s holdings in Fortinet were worth $1,510,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new stake in shares of Fortinet in the 1st quarter worth approximately $548,013,000. Norges Bank purchased a new stake in Fortinet during the fourth quarter valued at approximately $203,501,000. Van ECK Associates Corp lifted its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Finally, Sarasin & Partners LLP purchased a new stake in Fortinet during the first quarter valued at approximately $120,746,000. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FTNT shares. Scotiabank lifted their price objective on shares of Fortinet from $61.00 to $75.00 and gave the company a "sector outperform" rating in a report on Wednesday, August 7th. Royal Bank of Canada boosted their target price on shares of Fortinet from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, August 7th. StockNews.com lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a "hold" rating in a research note on Wednesday, August 7th. Finally, TD Cowen raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $75.00 price objective on the stock in a research report on Thursday, July 18th. Twenty-four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $71.31.

Fortinet Trading Up 0.6 %

Shares of NASDAQ FTNT traded up $0.44 during mid-day trading on Friday, hitting $76.71. The company's stock had a trading volume of 3,585,700 shares, compared to its average volume of 6,242,625. The company's fifty day simple moving average is $64.06 and its 200-day simple moving average is $64.49. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market cap of $58.68 billion, a price-to-earnings ratio of 50.14, a price-to-earnings-growth ratio of 2.77 and a beta of 0.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $77.18.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted $0.31 EPS. The company's revenue for the quarter was up 10.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,693 shares of the business's stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company's stock, valued at approximately $3,568,434,657.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company's stock, valued at $278,287.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is owned by corporate insiders.

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.