Mirae Asset Global Investments Co. Ltd. Has $29.88 Million Stock Position in Fortinet, Inc. $FTNT

Mirae Asset Global Investments Co. Ltd. increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 282,664 shares of the software maker’s stock after purchasing an additional 808 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortinet were worth $29,883,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. boosted its position in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Saudi Central Bank bought a new stake in shares of Fortinet during the first quarter valued at approximately $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. Finally, ORG Partners LLC grew its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after purchasing an additional 112 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FTNT. Mizuho dropped their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. Truist Financial cut their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Friday, August 8th. Wall Street Zen cut Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $97.03.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $85.79 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market cap of $65.74 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 3.26 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The firm’s 50-day simple moving average is $83.35 and its two-hundred day simple moving average is $95.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. Research analysts predict 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.