Tokio Marine Asset Management Co. Ltd. Has $1.95 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Tokio Marine Asset Management Co. Ltd. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,589 shares of the software maker’s stock after buying an additional 1,164 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Fortinet were worth $1,945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of FTNT. Eastern Bank bought a new stake in Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank increased its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet in the 3rd quarter worth approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $100.88 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $77.32 billion, a price-to-earnings ratio of 50.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $102.87. The stock’s 50-day moving average is $96.42 and its 200-day moving average is $83.31.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the firm posted $0.35 EPS. Equities analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Scotiabank upped their target price on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday, January 21st. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Finally, Robert W. Baird increased their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $96.83.

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.