Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,062,664 shares of the software maker’s stock after acquiring an additional 78,081 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Fortinet were worth $103,578,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. Amundi increased its position in Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. State Street Corp lifted its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Fortinet during the 4th quarter worth about $69,381,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 1.5 %

NASDAQ:FTNT opened at $99.54 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business’s 50-day simple moving average is $102.92 and its 200 day simple moving average is $92.99. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market cap of $76.54 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Royal Bank of Canada increased their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Finally, Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $105.69.

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.