Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Has $3.19 Million Stock Holdings in Fortinet Inc (NASDAQ:FTNT)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 13.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 28,656 shares of the software maker’s stock after buying an additional 3,456 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Fortinet were worth $3,187,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Amundi Pioneer Asset Management Inc. lifted its holdings in Fortinet by 5.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock worth $4,429,000 after acquiring an additional 2,678 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Fortinet by 8.8% during the third quarter. Pacer Advisors Inc. now owns 15,713 shares of the software maker’s stock valued at $1,206,000 after buying an additional 1,277 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Fortinet by 18.9% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,938 shares of the software maker’s stock valued at $686,000 after buying an additional 1,423 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Fortinet by 102.0% during the third quarter. Meeder Asset Management Inc. now owns 2,680 shares of the software maker’s stock valued at $207,000 after buying an additional 1,353 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Fortinet by 50.7% during the third quarter. Envestnet Asset Management Inc. now owns 134,967 shares of the software maker’s stock valued at $10,360,000 after buying an additional 45,398 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Shares of NASDAQ:FTNT opened at $119.19 on Friday. Fortinet Inc has a 12 month low of $68.87 and a 12 month high of $121.82. The stock has a market cap of $20.39 billion, a price-to-earnings ratio of 63.40, a PEG ratio of 4.62 and a beta of 1.16. The stock’s 50 day moving average price is $115.27 and its 200 day moving average price is $94.88.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.06. Fortinet had a return on equity of 27.51% and a net margin of 15.14%. The firm had revenue of $614.40 million for the quarter, compared to analysts’ expectations of $602.89 million. During the same quarter in the previous year, the company earned $0.59 earnings per share. The firm’s quarterly revenue was up 21.2% compared to the same quarter last year. On average, equities analysts predict that Fortinet Inc will post 1.84 earnings per share for the current fiscal year.

A number of equities research analysts have recently weighed in on FTNT shares. BMO Capital Markets lifted their price target on Fortinet from $115.00 to $132.00 and gave the company a “market perform” rating in a report on Monday, February 3rd. They noted that the move was a valuation call. Royal Bank of Canada reaffirmed a “neutral” rating and set a $109.00 price target (up previously from $100.00) on shares of Fortinet in a report on Tuesday, November 19th. Mizuho lifted their price target on Fortinet from $92.00 to $102.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, FBN Securities reaffirmed an “outperform” rating on shares of Fortinet in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $116.48.

In related news, Director Christopher B. Paisley sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $104.43, for a total transaction of $78,322.50. Following the sale, the director now owns 75,279 shares of the company’s stock, valued at $7,861,385.97. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Whittle sold 2,465 shares of Fortinet stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $103.57, for a total transaction of $255,300.05. Following the completion of the transaction, the executive vice president now owns 9,309 shares in the company, valued at approximately $964,133.13. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,681 shares of company stock worth $10,965,482. 17.20% of the stock is owned by corporate insiders.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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