Meiji Yasuda Life Insurance Co Sells 4,080 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Meiji Yasuda Life Insurance Co trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,760 shares of the software maker’s stock after selling 4,080 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in Fortinet were worth $407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Parallel Advisors LLC grew its holdings in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the last quarter. Simplicity Wealth LLC grew its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after purchasing an additional 174 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares during the period. Werlinich Asset Management LLC raised its position in Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC lifted its holdings in Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after buying an additional 185 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. UBS Group boosted their price target on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price for the company in a research note on Wednesday, August 7th. Rosenblatt Securities cut their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Cantor Fitzgerald increased their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

NASDAQ FTNT opened at $74.68 on Thursday. The company has a fifty day moving average price of $67.90 and a 200-day moving average price of $65.07. The firm has a market cap of $57.05 billion, a price-to-earnings ratio of 48.81, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts predict that Fortinet, Inc. will post 1.7 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.