Mirae Asset Global Investments Co. Ltd. Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 19.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,856 shares of the software maker's stock after acquiring an additional 45,557 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Fortinet were worth $27,227,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FTNT. Achmea Investment Management B.V. boosted its holdings in Fortinet by 420.7% during the first quarter. Achmea Investment Management B.V. now owns 538,009 shares of the software maker's stock worth $51,789,000 after buying an additional 434,682 shares in the last quarter. Cornerstone Enterprises LLC grew its stake in Fortinet by 2.3% in the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock valued at $483,000 after acquiring an additional 115 shares during the last quarter. Diversified Trust Co increased its holdings in Fortinet by 0.5% during the 1st quarter. Diversified Trust Co now owns 23,978 shares of the software maker's stock valued at $2,308,000 after acquiring an additional 126 shares in the last quarter. First Merchants Corp increased its stake in shares of Fortinet by 1.6% during the 1st quarter. First Merchants Corp now owns 93,989 shares of the software maker's stock worth $9,047,000 after purchasing an additional 1,443 shares in the last quarter. Finally, PDS Planning Inc increased its position in Fortinet by 7.2% during the first quarter. PDS Planning Inc now owns 3,773 shares of the software maker's stock worth $363,000 after buying an additional 252 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 2.5%

NASDAQ FTNT traded up $2.61 during trading hours on Monday, hitting $105.72. The company's stock had a trading volume of 4,094,470 shares, compared to its average volume of 4,856,816. The company has a market capitalization of $80.92 billion, a PE ratio of 43.51, a price-to-earnings-growth ratio of 3.56 and a beta of 1.07. The company's 50-day simple moving average is $102.54 and its two-hundred day simple moving average is $100.50. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTNT. Morgan Stanley cut their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada lowered their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $105.62.

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.