Nissay Asset Management Corp Japan ADV Has $16.76 Million Stock Position in Fortinet, Inc. $FTNT

Key Points

• Nissay Asset Management Corp Japan ADV has increased its shares in Fortinet, Inc. by 11.0%, owning a total of 174,130 shares worth $16.76 million as of the end of the first quarter.
• Analysts have adjusted their ratings on Fortinet, with a consensus "Hold" rating and a price target range reflecting various opinions—from a low of $78.00 to a high of $110.00.
• CEO Ken Xie and Vice President Michael Xie both sold significant amounts of their Fortinet shares, indicating a 4.67% decrease in their respective positions following recent transactions.

Nissay Asset Management Corp Japan ADV raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,130 shares of the software maker's stock after purchasing an additional 17,298 shares during the period. Nissay Asset Management Corp Japan ADV's holdings in Fortinet were worth $16,762,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FTNT. Brighton Jones LLC increased its holdings in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after buying an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new position in shares of Fortinet during the fourth quarter worth $585,000. Balyasny Asset Management L.P. increased its holdings in shares of Fortinet by 112.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 24,799 shares of the software maker's stock worth $2,343,000 after buying an additional 216,537 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of Fortinet during the fourth quarter worth $306,000. Finally, Captrust Financial Advisors increased its holdings in shares of Fortinet by 15.3% during the fourth quarter. Captrust Financial Advisors now owns 57,759 shares of the software maker's stock worth $5,457,000 after buying an additional 7,663 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on FTNT shares. Evercore ISI lowered their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. Truist Financial reduced their price objective on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Rosenblatt Securities reissued a "neutral" rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Barclays reduced their price objective on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $97.03.

Fortinet Stock Performance

Shares of FTNT opened at $78.83 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $60.41 billion, a P/E ratio of 31.41, a price-to-earnings-growth ratio of 2.89 and a beta of 1.12. The firm's fifty day simple moving average is $92.07 and its two-hundred day simple moving average is $98.01. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82.

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

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The shares were 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 $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction 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. Corporate insiders own 17.20% of the company's stock.

Fortinet 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.

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