Resona Asset Management Co. Ltd. Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Resona Asset Management Co. Ltd. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 192,626 shares of the software maker’s stock, valued at approximately $18,242,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC grew its holdings in Fortinet by 10.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker’s stock valued at $931,000 after purchasing an additional 1,088 shares during the last quarter. IHT Wealth Management LLC grew its stake in shares of Fortinet by 4.9% during the third quarter. IHT Wealth Management LLC now owns 5,205 shares of the software maker’s stock valued at $402,000 after buying an additional 243 shares during the last quarter. Royal London Asset Management Ltd. raised its holdings in shares of Fortinet by 1.5% in the third quarter. Royal London Asset Management Ltd. now owns 382,668 shares of the software maker’s stock worth $29,676,000 after buying an additional 5,623 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Quantinno Capital Management LP now owns 47,992 shares of the software maker’s stock worth $3,722,000 after acquiring an additional 20,292 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its holdings in Fortinet by 108.6% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 31,783 shares of the software maker’s stock valued at $2,465,000 after acquiring an additional 16,550 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT opened at $84.71 on Friday. 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 company’s fifty day moving average price is $102.59 and its 200-day moving average price is $93.87. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 326,784 shares of the firm’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 sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on FTNT shares. Susquehanna lifted their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. Stifel Nicolaus boosted their price target on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Finally, Royal Bank of Canada raised their price objective on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $105.77.

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.