Asset Management One Co. Ltd. Trims Holdings in Fortinet, Inc. $FTNT

Key Points

• Asset Management One Co. Ltd. reduced its holdings in Fortinet, Inc. by 1.4%, owning approximately 0.05% of the company with a current value of $40.6 million after selling 5,387 shares in the second quarter.
• Institutional investors show mixed activity; while Vanguard Group raised its stake by 5.2%, AQR Capital Management increased its position by 40.9% in the first quarter.
• Fortinet's share price has seen a 1-year low of $70.12 and a high of $114.82, with current trading at approximately $85.56 amidst various analysts adjusting price targets and ratings for the stock.

Asset Management One Co. Ltd. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 384,386 shares of the software maker's stock after selling 5,387 shares during the quarter. Asset Management One Co. Ltd. owned about 0.05% of Fortinet worth $40,637,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FTNT. Vanguard Group Inc. raised its stake in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock worth $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. Nuveen LLC purchased a new position in shares of Fortinet in the first quarter worth about $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. purchased a new position in Fortinet during the second quarter valued at approximately $108,056,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. Cowen cut Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 7th. TD Cowen reiterated a "hold" rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Evercore ISI reduced their price target on Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a research report on Friday, August 8th. JPMorgan Chase & Co. reduced their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald lifted their price target on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $97.03.

Fortinet Trading Up 0.7%

Shares of NASDAQ:FTNT opened at $85.56 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a market capitalization of $65.56 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 3.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The business's 50 day moving average price is $81.97 and its 200-day moving average price is $93.93.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business's revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.