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

Nissay Asset Management Corp Japan ADV increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 156,832 shares of the software maker’s stock after buying an additional 9,412 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Fortinet were worth $15,068,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Trilogy Capital Inc. boosted its holdings in Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after buying an additional 169,530 shares during the period. Milestone Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth approximately $1,690,000. Proficio Capital Partners LLC increased its position in Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock worth $547,000 after purchasing an additional 544,357 shares during the last quarter. Finally, Jackson Wealth Management LLC acquired a new position in Fortinet during the fourth quarter worth approximately $4,731,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Cantor Fitzgerald lowered their price target on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Finally, Scotiabank lowered their price target on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $104.80.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 738,978 shares of company stock worth $74,135,907. 17.20% of the stock is currently owned by insiders.

Fortinet Trading Down 1.7%

Fortinet stock opened at $103.23 on Thursday. The firm’s 50-day moving average is $98.27 and its 200-day moving average is $97.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market cap of $79.01 billion, a P/E ratio of 45.68, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm posted $0.43 EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.