Daiwa Securities Group Inc. Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Daiwa Securities Group Inc. lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 143,056 shares of the software maker’s stock after buying an additional 6,182 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Fortinet were worth $11,094,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Apollon Wealth Management LLC increased its stake in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden increased its stake in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Sarasin & Partners LLP lifted its holdings in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers boosted its position in Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC grew its stake in shares of Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after acquiring an additional 40,277 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FTNT shares. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus increased their price target on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Wells Fargo & Company boosted their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. Robert W. Baird raised their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $92.77 on Monday. The firm has a market cap of $71.10 billion, a P/E ratio of 46.85, a P/E/G ratio of 2.69 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59. The business’s 50-day moving average price is $82.45 and its 200 day moving average price is $70.45. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.