Asset Management One Co. Ltd. Purchases 19,183 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Asset Management One Co. Ltd. boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 387,478 shares of the software maker’s stock after purchasing an additional 19,183 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.05% of Fortinet worth $37,229,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Eastern Bank bought a new position in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the fourth quarter valued at $46,000. Finally, R Squared Ltd bought a new position in shares of Fortinet during the fourth quarter valued at $65,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FTNT shares. Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Mizuho raised their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Finally, Morgan Stanley increased their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 1.5 %

Shares of NASDAQ:FTNT opened at $111.64 on Friday. The stock has a 50 day moving average of $98.60 and a 200 day moving average of $86.37. The company has a market cap of $85.57 billion, a PE ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $112.37.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities research analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

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.