Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Rakuten Securities Inc.

Rakuten Securities Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 532.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,328 shares of the software maker’s stock after purchasing an additional 1,960 shares during the period. Rakuten Securities Inc.’s holdings in Fortinet were worth $220,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. raised its holdings in Fortinet by 11.7% during the fourth quarter. Avantax Advisory Services Inc. now owns 14,235 shares of the software maker’s stock worth $1,345,000 after purchasing an additional 1,496 shares in the last quarter. Truvestments Capital LLC raised its stake in shares of Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after buying an additional 127 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Fortinet by 148.1% in the fourth quarter. Farther Finance Advisors LLC now owns 17,004 shares of the software maker’s stock valued at $1,607,000 after purchasing an additional 10,150 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Fortinet by 243.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,480 shares of the software maker’s stock valued at $234,000 after buying an additional 1,757 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Fortinet by 30.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 15,714 shares of the software maker’s stock worth $1,485,000 after purchasing an additional 3,659 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Mizuho upped their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Scotiabank raised their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insider Buying and Selling

In other news, Director Kenneth A. Goldman sold 1,000 shares of Fortinet stock in a transaction on Monday, March 10th. The stock was sold at an average price of $99.32, for a total transaction of $99,320.00. Following the transaction, the director now owns 20,612 shares in the company, valued at approximately $2,047,183.84. The trade was a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 620,904 shares of company stock worth $61,138,694 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $98.28 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market capitalization of $75.57 billion, a PE ratio of 43.49, a P/E/G ratio of 4.19 and a beta of 0.97. The business’s fifty day moving average price is $102.15 and its two-hundred day moving average price is $91.36.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 expect that Fortinet, Inc. will post 2.09 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.