Asahi Life Asset Management CO. LTD. Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

Asahi Life Asset Management CO. LTD. cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 15.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,800 shares of the software maker’s stock after selling 850 shares during the period. Asahi Life Asset Management CO. LTD.’s holdings in Fortinet were worth $454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC boosted its position 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 worth $32,000 after acquiring an additional 173 shares during the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the fourth quarter worth $46,000. Private Trust Co. NA boosted its position in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares during the last quarter. Finally, R Squared Ltd bought a new position in shares of Fortinet during the fourth quarter worth $65,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.9 %

FTNT stock opened at $108.01 on Friday. The company has a market capitalization of $83.06 billion, a PE ratio of 47.79, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm’s 50-day moving average is $101.31 and its 200 day moving average is $89.87. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 87,120 shares of company stock valued at $8,991,409. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.72.

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.