Fortinet, Inc. (NASDAQ:FTNT) Holdings Lifted by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Fortinet, Inc. by 8.0%, ending the quarter with 208,112 shares worth approximately $20 million.
• Several major investors, including Vanguard Group and GAMMA Investing, also raised their positions in Fortinet during the first quarter, indicating strong institutional interest.
• Fortinet's recent earnings report showed a net margin of 30.60% and a revenue increase of 13.6% year-over-year, with earnings per share beating estimates by $0.05.

Resona Asset Management Co. Ltd. boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 208,112 shares of the software maker's stock after acquiring an additional 15,486 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Fortinet were worth $20,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $28,000. ORG Partners LLC grew its stake in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $35,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $36,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Erste Group Bank cut shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday. TD Cowen reissued a "hold" rating and set a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating for the company. Finally, DZ Bank raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective for the company in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus target price of $97.93.

Insider Buying and Selling

In related 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 sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Stock Up 2.4%

Shares of Fortinet stock traded up $1.86 during trading on Friday, reaching $79.11. The company had a trading volume of 10,860,686 shares, compared to its average volume of 8,724,086. The company has a market cap of $60.62 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 2.93 and a beta of 1.07. The firm's fifty day moving average is $99.22 and its 200-day moving average is $100.90. 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, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate 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 net margin of 30.60% and a return on equity of 111.46%. Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. On average, analysts anticipate 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.