Asahi Life Asset Management CO. LTD. Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Asahi Life Asset Management CO. LTD. bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,430 shares of the software maker’s stock, valued at approximately $376,000.

Other large investors have also bought and sold shares of the company. Great Lakes Advisors LLC boosted its position in Fortinet by 3.2% during the 3rd quarter. Great Lakes Advisors LLC now owns 11,031 shares of the software maker’s stock valued at $647,000 after acquiring an additional 342 shares in the last quarter. Keybank National Association OH boosted its holdings in shares of Fortinet by 56.0% in the third quarter. Keybank National Association OH now owns 6,705 shares of the software maker’s stock worth $393,000 after buying an additional 2,408 shares during the last quarter. Kestra Private Wealth Services LLC lifted its position in shares of Fortinet by 83.8% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 14,987 shares of the software maker’s stock valued at $879,000 after buying an additional 6,833 shares in the last quarter. Argent Trust Co boosted its stake in shares of Fortinet by 16.4% in the third quarter. Argent Trust Co now owns 3,534 shares of the software maker’s stock worth $207,000 after acquiring an additional 498 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after purchasing an additional 153,119 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock traded down $0.03 during midday trading on Friday, reaching $59.72. The company’s stock had a trading volume of 2,609,065 shares, compared to its average volume of 5,873,396. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The stock’s 50 day simple moving average is $63.08 and its 200 day simple moving average is $62.90. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm has a market capitalization of $45.62 billion, a PE ratio of 38.97, a P/E/G ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.46 earnings per share for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Fortinet news, Director William H. Neukom bought 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 91,097 shares of company stock valued at $5,954,610 in the last quarter. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FTNT. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 target price on shares of Fortinet in a report on Friday, May 3rd. Cantor Fitzgerald lowered their target price on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. The Goldman Sachs Group raised their price target on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. Royal Bank of Canada lowered their price objective on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research report on Friday, May 3rd. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.10.

View Our Latest Research Report on Fortinet

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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