Daiwa Securities Group Inc. Has $9.58 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Daiwa Securities Group Inc. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 28.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,676 shares of the software maker’s stock after purchasing an additional 36,024 shares during the period. Daiwa Securities Group Inc.’s holdings in Fortinet were worth $9,580,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Headinvest LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet during the 4th quarter worth about $29,000. Retirement Group LLC bought a new stake in shares of Fortinet during the 4th quarter worth about $30,000. Resurgent Financial Advisors LLC bought a new position in Fortinet in the 4th quarter valued at about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Fortinet during the third quarter worth approximately $37,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on FTNT. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and upped their target price for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Piper Sandler restated a “neutral” rating and set a $75.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Wedbush lifted their price objective on Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research report on Wednesday, February 7th. Finally, Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Down 1.0 %

Shares of NASDAQ FTNT opened at $64.03 on Friday. The firm has a market cap of $48.86 billion, a PE ratio of 44.16, a P/E/G ratio of 2.87 and a beta of 1.08. The company’s fifty day simple moving average is $68.64 and its 200 day simple moving average is $61.52. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the company earned $0.38 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by corporate insiders.

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.