Nissay Asset Management Corp Japan ADV Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Nissay Asset Management Corp Japan ADV lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,832 shares of the software maker's stock after purchasing an additional 9,412 shares during the quarter. Nissay Asset Management Corp Japan ADV's holdings in Fortinet were worth $15,068,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manchester Capital Management LLC increased its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its stake in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after buying an additional 107 shares during the last quarter. Fielder Capital Group LLC increased its stake in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after buying an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after buying an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after buying an additional 116 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Jefferies Financial Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Finally, KeyCorp decreased their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $104.80.

Fortinet Stock Performance

NASDAQ FTNT traded up $2.03 on Friday, reaching $104.59. 4,506,022 shares of the stock were exchanged, compared to its average volume of 4,971,955. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market capitalization of $80.05 billion, a PE ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. The company's 50-day simple moving average is $98.53 and its two-hundred day simple moving average is $98.29. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company's stock, 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 SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 over the last three months. 17.20% of the stock is owned by corporate insiders.

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.