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

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,455,376 shares of the software maker’s stock after acquiring an additional 105,122 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortinet were worth $85,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Covestor Ltd grew its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the period. Zions Bancorporation N.A. raised its holdings in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after acquiring an additional 73 shares during the period. Atwood & Palmer Inc. purchased a new position in shares of Fortinet during the 4th quarter worth $29,000. Headinvest LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $29,000. Finally, Quarry LP raised its holdings in Fortinet by 686.6% in the 2nd quarter. Quarry LP now owns 527 shares of the software maker’s stock valued at $40,000 after buying an additional 460 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. Susquehanna reiterated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a research note on Wednesday. HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a research report on Wednesday, February 7th. Stifel Nicolaus boosted their price objective on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Truist Financial boosted their price objective on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Finally, Wells Fargo & Company upped their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $72.35.

Fortinet Price Performance

Shares of FTNT traded up $1.68 during trading hours on Friday, reaching $70.91. 7,462,799 shares of the company traded hands, compared to its average volume of 4,366,506. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $54.11 billion, a PE ratio of 48.90, a price-to-earnings-growth ratio of 3.07 and a beta of 1.08. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a fifty day simple moving average of $68.74 and a 200 day simple moving average of $61.04.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company earned $0.38 EPS. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,880 shares of company stock valued at $10,233,981. Insiders own 17.54% of the company’s stock.

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.