Tokio Marine Asset Management Co. Ltd. Purchases 1,107 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Tokio Marine Asset Management Co. Ltd. boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,425 shares of the software maker’s stock after buying an additional 1,107 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Fortinet were worth $1,506,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. City State Bank boosted its stake in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth about $33,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTNT shares. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday. Cantor Fitzgerald upped their price target on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Finally, Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve 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 a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Trading Down 3.5 %

Shares of Fortinet stock opened at $94.46 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $100.59. The company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 47.71, a PEG ratio of 2.93 and a beta of 1.00. The firm’s 50-day moving average price is $80.38 and its two-hundred day moving average price is $69.03.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 18.00% of the stock is currently owned by insiders.

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.