Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 91.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,037 shares of the software maker’s stock after selling 53,055 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Fortinet were worth $304,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FTNT. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC increased its stake in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Vima LLC purchased a new stake in Fortinet in the fourth quarter valued at $25,000. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at $33,000. Finally, Creekmur Asset Management LLC purchased a new position in shares of Fortinet during the 4th quarter worth $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. BMO Capital Markets upped their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 7th. Wells Fargo & Company lifted their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. Finally, Scotiabank lifted their price objective on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $71.57.

Fortinet Stock Up 1.8 %

Shares of NASDAQ:FTNT opened at $76.34 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The firm has a 50 day simple moving average of $67.59 and a 200-day simple moving average of $65.03. The company has a market capitalization of $58.32 billion, a PE ratio of 49.90, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities analysts predict that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction 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 stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 72,672 shares of company stock valued at $4,573,864 over the last quarter. Company insiders own 18.00% of the company’s stock.

Fortinet 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.