Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,062,664 shares of the software maker’s stock after purchasing an additional 78,081 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Fortinet worth $103,578,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. Amundi grew its stake in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC increased its position in shares of Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after acquiring an additional 1,682,708 shares during the period. State Street Corp raised its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Fortinet in the fourth quarter valued at $69,381,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FTNT shares. Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Royal Bank of Canada raised their target price on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Stifel Nicolaus raised their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Finally, Citigroup boosted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $105.69.

Fortinet Stock Down 1.5 %

Shares of Fortinet stock opened at $99.54 on Friday. The company has a market cap of $76.54 billion, a P/E ratio of 44.04, a PEG ratio of 4.19 and a beta of 0.97. The firm has a fifty day moving average of $102.92 and a two-hundred day moving average of $92.99. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 326,784 shares of the company’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 in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % 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 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.