Iyo Bank Ltd. Has $1.51 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Iyo Bank Ltd. increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 194.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 25,050 shares of the software maker’s stock after purchasing an additional 16,550 shares during the quarter. Iyo Bank Ltd.’s holdings in Fortinet were worth $1,510,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. JPL Wealth Management LLC raised its stake in Fortinet by 5.1% in the 2nd quarter. JPL Wealth Management LLC now owns 6,792 shares of the software maker’s stock valued at $409,000 after acquiring an additional 332 shares during the period. Summit Financial LLC bought a new stake in Fortinet in the 2nd quarter valued at $277,000. Barlow Wealth Partners Inc. raised its stake in Fortinet by 0.8% in the 2nd quarter. Barlow Wealth Partners Inc. now owns 165,102 shares of the software maker’s stock valued at $9,351,000 after acquiring an additional 1,344 shares during the period. Dover Advisors LLC raised its stake in Fortinet by 55.5% in the 2nd quarter. Dover Advisors LLC now owns 13,165 shares of the software maker’s stock valued at $793,000 after acquiring an additional 4,701 shares during the period. Finally, Aptus Capital Advisors LLC raised its stake in Fortinet by 16.4% in the 2nd quarter. Aptus Capital Advisors LLC now owns 5,344 shares of the software maker’s stock valued at $322,000 after acquiring an additional 752 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research report on Thursday, August 8th. Finally, Citigroup increased their price objective on Fortinet from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twenty-four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.31.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director William H. Neukom acquired 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

FTNT stock traded up $0.44 during midday trading on Friday, hitting $76.71. The company’s stock had a trading volume of 3,585,700 shares, compared to its average volume of 6,242,625. The stock’s 50-day moving average price is $64.06 and its 200 day moving average price is $64.49. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $77.18. The stock has a market cap of $58.68 billion, a price-to-earnings ratio of 50.14, a PEG ratio of 2.77 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current 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.