Fortinet, Inc. $FTNT Shares Purchased by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Fortinet by 5.5%, owning approximately 1.54 million shares valued at $147.89 million.
• Institutional investors and hedge funds collectively own 83.71% of Fortinet's stock, indicating strong institutional confidence in the company.
• Several analysts downgraded Fortinet's stock rating recently, with average price targets falling from as high as $105 to approximately $78 to $85, reflecting cautious sentiment in the market.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,536,349 shares of the software maker's stock after buying an additional 80,202 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.20% of Fortinet worth $147,893,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hemington Wealth Management raised its stake in shares of Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock valued at $72,000 after acquiring an additional 107 shares during the period. Citizens Financial Group Inc. RI raised its stake in shares of Fortinet by 0.9% in the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after acquiring an additional 107 shares during the period. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after acquiring an additional 109 shares during the period. ORG Partners LLC raised its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the period. Finally, Bogart Wealth LLC raised its holdings in shares of Fortinet by 37.3% in the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after buying an additional 112 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Scotiabank reduced their price target on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Stifel Nicolaus reduced their price target on Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, August 7th. TD Cowen reiterated a "hold" rating and issued a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Mizuho reduced their price target on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a report on Thursday, August 7th. Finally, KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Two investment 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 company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $97.03.

Fortinet Trading Up 3.1%

FTNT traded up $2.39 during trading on Friday, hitting $78.83. 10,495,077 shares of the stock were exchanged, compared to its average volume of 9,263,326. The firm has a 50 day simple moving average of $92.07 and a 200 day simple moving average of $97.89. The firm has a market cap of $60.40 billion, a price-to-earnings ratio of 31.41, a P/E/G ratio of 2.98 and a beta of 1.12. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the business posted $0.57 EPS. Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.