Tokio Marine Asset Management Co. Ltd. Acquires 2,511 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Tokio Marine Asset Management Co. Ltd. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,987 shares of the software maker’s stock after acquiring an additional 2,511 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Fortinet were worth $1,111,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Nordea Investment Management AB boosted its position 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 valued at $554,945,000 after acquiring an additional 5,765,174 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position 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 worth $209,853,000 after buying an additional 1,585,236 shares during the last quarter. DSM Capital Partners LLC bought a new stake in Fortinet in the third quarter worth $75,698,000. Public Sector Pension Investment Board lifted its position in Fortinet by 358.1% in the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after buying an additional 1,285,197 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Fortinet by 569.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock worth $56,585,000 after buying an additional 820,257 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 1.1 %

NASDAQ FTNT traded up $0.68 during trading on Friday, hitting $64.71. The company’s stock had a trading volume of 838,716 shares, compared to its average volume of 5,735,292. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company has a market cap of $49.38 billion, a PE ratio of 44.16, a P/E/G ratio of 2.91 and a beta of 1.08. The business’s 50 day simple moving average is $68.04 and its 200-day simple moving average is $61.72. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share 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 negative return on equity of 7,572.46% and a net margin of 21.64%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company earned $0.38 earnings per share. On average, equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. The Goldman Sachs Group raised their price target on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Stifel Nicolaus raised their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. UBS Group increased their target price on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Finally, Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and increased their target price for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on 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 transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 over the last quarter. 17.54% of the stock is currently owned by company insiders.

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.