Meiji Yasuda Asset Management Co Ltd. Has $3.83 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 110.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,582 shares of the software maker’s stock after buying an additional 21,294 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Fortinet were worth $3,834,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. FineMark National Bank & Trust increased its holdings in shares of Fortinet by 2.9% in the 4th quarter. FineMark National Bank & Trust now owns 5,260 shares of the software maker’s stock valued at $497,000 after purchasing an additional 150 shares during the period. TD Asset Management Inc. increased its stake in Fortinet by 1.5% in the 4th quarter. TD Asset Management Inc. now owns 1,117,638 shares of the software maker’s stock valued at $105,594,000 after buying an additional 16,429 shares during the period. Prudential Financial Inc. increased its stake in Fortinet by 104.2% in the 4th quarter. Prudential Financial Inc. now owns 826,136 shares of the software maker’s stock valued at $78,053,000 after buying an additional 421,569 shares during the period. Interchange Capital Partners LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $460,000. Finally, Sheets Smith Investment Management acquired a new stake in shares of Fortinet during the 4th quarter valued at $1,495,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, March 21st. The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Morgan Stanley assumed coverage on shares of Fortinet in a research report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price objective on the stock. Finally, UBS Group set a $123.00 price target on shares of Fortinet in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $105.69.

Fortinet Trading Up 2.3 %

Shares of FTNT stock opened at $102.09 on Wednesday. The firm has a fifty day moving average of $102.65 and a 200-day moving average of $92.89. The stock has a market cap of $78.50 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. 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 quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share 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.