Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 19.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 176,050 shares of the software maker’s stock after acquiring an additional 28,525 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortinet were worth $13,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in FTNT. Vanguard Group Inc. raised its holdings in Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Swedbank AB lifted its position in Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after buying an additional 134,366 shares in the last quarter. Marshall Wace LLP boosted its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday. Royal Bank of Canada raised their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” 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 objective on the stock in a report on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $73.25.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by corporate insiders.

Fortinet Price Performance

Fortinet stock opened at $80.34 on Monday. 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 company has a fifty day simple moving average of $77.64 and a 200-day simple moving average of $67.04. The stock has a market cap of $61.45 billion, a P/E ratio of 47.54, a price-to-earnings-growth ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77.

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, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the firm posted $0.31 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

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.