Asset Management One Co. Ltd. Sells 37,513 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Posted by Kyle Jackson on Jan 25th, 2023

Asset Management One Co. Ltd. decreased its position in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 7.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 455,851 shares of the software maker’s stock after selling 37,513 shares during the quarter. Asset Management One Co. Ltd. owned 0.06% of Fortinet worth $22,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in Fortinet by 24.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after purchasing an additional 76,027 shares during the period. Raymond James Trust N.A. increased its stake in shares of Fortinet by 24.0% during the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after buying an additional 441 shares during the period. Zions Bancorporation N.A. increased its stake in shares of Fortinet by 20.4% during the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after buying an additional 73 shares during the period. Brown Brothers Harriman & Co. increased its stake in shares of Fortinet by 209.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after buying an additional 1,049 shares during the period. Finally, Covestor Ltd grew its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the period. Institutional investors own 64.35% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP John Whittle sold 3,125 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $55.00, for a total transaction of $171,875.00. Following the transaction, the vice president now directly owns 12,876 shares in the company, valued at approximately $708,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 18.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FTNT. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 7th. KeyCorp reduced their price target on Fortinet from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 16th. Raymond James dropped their target price on Fortinet from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Robert W. Baird reissued an “outperform” rating and issued a $70.00 target price on shares of Fortinet in a report on Wednesday, October 19th. Finally, Oppenheimer dropped their target price on Fortinet from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Seven equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.15.

Fortinet Stock Performance

Shares of FTNT stock opened at $51.09 on Wednesday. Fortinet, Inc. has a 52-week low of $42.61 and a 52-week high of $71.52. The firm has a market capitalization of $39.91 billion, a P/E ratio of 56.39, a P/E/G ratio of 2.65 and a beta of 1.13. The stock has a 50 day moving average price of $50.82 and a 200 day moving average price of $52.35.

Fortinet (NASDAQ:FTNT – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.08. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. Fortinet’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 0.9 EPS for the current year.

About Fortinet

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.