Mufg Securities Americas Inc. Acquires Shares of 9,392 Fortinet, Inc. (NASDAQ:FTNT)

Mufg Securities Americas Inc. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,392 shares of the software maker's stock, valued at approximately $887,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet during the 4th quarter worth $43,000. Banque Transatlantique SA acquired a new stake in shares of Fortinet in the 4th quarter worth $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 2.0%

FTNT stock traded up $2.03 during midday trading on Friday, hitting $104.59. The stock had a trading volume of 4,506,022 shares, compared to its average volume of 4,971,955. The company's 50-day moving average price is $98.53 and its 200 day moving average price is $98.29. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market cap of $80.05 billion, a PE ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm posted $0.43 EPS. The company's revenue was up 13.8% on a year-over-year basis. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 328 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 738,978 shares of company stock valued at $74,135,907 over the last quarter. Company insiders own 17.20% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on FTNT. Scotiabank cut their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price target on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Robert W. Baird upped their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $104.80.

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.