Mirae Asset Global Investments Co. Ltd. Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mirae Asset Global Investments Co. Ltd. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 34.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 236,299 shares of the software maker’s stock after acquiring an additional 60,249 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortinet were worth $22,680,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Hawaiian Bank bought a new position in shares of Fortinet during the 4th quarter worth $670,000. LVM Capital Management Ltd. MI boosted its holdings in Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the period. Apollon Wealth Management LLC grew its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its position in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Fortinet in the third quarter worth $10,343,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Morgan Stanley raised their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Wells Fargo & Company raised their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $97.73.

Fortinet Trading Up 2.2 %

NASDAQ:FTNT opened at $105.07 on Thursday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $105.12. The company’s 50-day simple moving average is $96.92 and its 200 day simple moving average is $84.07. The firm has a market capitalization of $80.53 billion, a P/E ratio of 53.07, a PEG ratio of 2.65 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the business posted $0.35 EPS. As a group, analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

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.