Norinchukin Bank The Has $3.34 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Norinchukin Bank The lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,365 shares of the software maker’s stock after purchasing an additional 2,764 shares during the quarter. Norinchukin Bank The’s holdings in Fortinet were worth $3,341,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the 4th quarter worth about $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet during the 4th quarter worth $43,000. Golden State Wealth Management LLC purchased a new position in Fortinet during the fourth quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in Fortinet in the 4th quarter valued at about $56,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 0.1 %

Shares of Fortinet stock opened at $96.13 on Friday. The company has a 50 day simple moving average of $100.70 and a two-hundred day simple moving average of $95.28. The firm has a market cap of $73.92 billion, a PE ratio of 42.54, a PEG ratio of 4.19 and a beta of 1.09. 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.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Scotiabank boosted 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. Finally, Cantor Fitzgerald raised their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $105.17.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders have sold 576,944 shares of company stock worth $56,944,064 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Company 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.