Norinchukin Bank The Purchases 2,764 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Norinchukin Bank The increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,365 shares of the software maker's stock after buying an additional 2,764 shares during the quarter. Norinchukin Bank The's holdings in Fortinet were worth $3,341,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC boosted its stake in Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after acquiring an additional 387,901 shares during the last quarter. Invesco Ltd. grew its position in shares of Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after acquiring an additional 2,000,888 shares during the period. Norges Bank purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 576,944 shares of company stock valued at $56,944,064 over the last three months. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 3.8 %

Fortinet stock traded up $3.72 during mid-day trading on Thursday, hitting $100.72. The company's stock had a trading volume of 4,085,665 shares, compared to its average volume of 5,080,769. The business has a 50 day moving average price of $99.80 and a 200-day moving average price of $95.52. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $77.45 billion, a price-to-earnings ratio of 44.57, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

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

Analysts Set New Price Targets

Several analysts have issued reports on FTNT shares. UBS Group set a $123.00 target price on Fortinet in a research note on Tuesday, March 18th. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Morgan Stanley dropped their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Royal Bank of Canada raised their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $104.77.

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.