Fortinet, Inc. (NASDAQ:FTNT) Stake Increased by Tokio Marine Asset Management Co. Ltd.

Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,987 shares of the software maker’s stock after purchasing an additional 2,511 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Fortinet were worth $1,111,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. Nordea Investment Management AB increased its holdings in shares of Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the period. Morgan Stanley lifted its holdings in Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after buying an additional 108,548 shares during the period. Invesco Ltd. lifted its holdings in Fortinet by 5.1% in the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after buying an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Fortinet by 4.2% in 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 buying an additional 153,119 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Fortinet by 79.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after buying an additional 1,585,236 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on FTNT shares. The Goldman Sachs Group upped their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Scotiabank upped their target price on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Wednesday, February 7th. Mizuho upped their target price on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Royal Bank of Canada upped their target price on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company upped their target price on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $72.19.

Fortinet Stock Performance

Shares of FTNT stock traded up $0.68 during midday trading on Friday, hitting $64.71. 838,716 shares of the company were exchanged, compared to its average volume of 5,735,292. The firm has a market capitalization of $49.38 billion, a P/E ratio of 44.16, a PEG ratio of 2.91 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The firm’s 50 day moving average price is $68.04 and its two-hundred day moving average price is $61.72. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last quarter. Company insiders own 17.54% of the company’s stock.

Fortinet Company 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.