Resona Asset Management Co. Ltd. Invests $18.24 Million in Fortinet, Inc. (NASDAQ:FTNT)

Resona Asset Management Co. Ltd. purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 192,626 shares of the software maker’s stock, valued at approximately $18,242,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after acquiring an additional 730,994 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Norges Bank acquired a new position in shares of Fortinet in the 4th quarter valued at $724,048,000. Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Amundi raised its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after buying an additional 1,766,860 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $84.71 on Friday. The stock has a market capitalization of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The stock has a 50 day moving average price of $102.59 and a 200 day moving average price of $93.87. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. 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 (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. Rosenblatt Securities raised their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Stephens began coverage on Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $105.77.

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.