Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 28.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 163,676 shares of the software maker's stock after purchasing an additional 36,024 shares during the period. Daiwa Securities Group Inc.'s holdings in Fortinet were worth $9,580,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of FTNT. Moneta Group Investment Advisors LLC boosted its position in Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker's stock valued at $713,680,000 after acquiring an additional 14,586,086 shares during the last quarter. Norges Bank acquired a new position in Fortinet during the 4th quarter worth approximately $312,964,000. Nordea Investment Management AB boosted its holdings in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker's stock worth $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Fortinet by 79.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker's stock worth $209,853,000 after acquiring an additional 1,585,236 shares in the last quarter. Finally, DSM Capital Partners LLC bought a new position in Fortinet in the third quarter worth approximately $75,698,000. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $0.63 during mid-day trading on Friday, hitting $63.40. The company had a trading volume of 4,835,912 shares, compared to its average volume of 5,910,341. The company has a market capitalization of $48.38 billion, a price-to-earnings ratio of 43.65, a P/E/G ratio of 2.87 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock's 50-day moving average price is $68.64 and its 200-day moving average price is $61.52.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company's stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. Company insiders own 17.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FTNT shares. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a report on Thursday. Rosenblatt Securities reiterated a "buy" rating and issued a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. UBS Group increased their price target on Fortinet from $55.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, January 10th. Capital One Financial lowered Fortinet from an "overweight" rating to an "equal weight" rating in a report on Wednesday, January 17th. Finally, Wedbush raised their target price on Fortinet from $75.00 to $86.00 and gave the company an "outperform" rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $72.19.

About Fortinet

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.