Mirae Asset Global Investments Co. Ltd. Acquires 808 Shares of Fortinet, Inc. $FTNT

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 282,664 shares of the software maker’s stock after buying an additional 808 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Fortinet were worth $29,883,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC bought a new position in Fortinet during the fourth quarter worth about $585,000. NBC Securities Inc. grew its position in shares of Fortinet by 99,075.0% during the 1st quarter. NBC Securities Inc. now owns 3,967 shares of the software maker’s stock worth $381,000 after buying an additional 3,963 shares during the period. Retirement Planning Group LLC increased its stake in shares of Fortinet by 2.6% in the 1st quarter. Retirement Planning Group LLC now owns 5,589 shares of the software maker’s stock valued at $538,000 after acquiring an additional 139 shares during the last quarter. Finally, Enclave Advisors LLC raised its position in shares of Fortinet by 5.8% in the 1st quarter. Enclave Advisors LLC now owns 17,243 shares of the software maker’s stock valued at $1,660,000 after acquiring an additional 950 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $85.79 on Friday. The stock has a market cap of $65.74 billion, a PE ratio of 34.18, a P/E/G ratio of 3.26 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a 50-day moving average of $83.35 and a 200-day moving average of $95.08. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In related news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Truist Financial decreased their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Barclays lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a report on Saturday, September 27th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $85.00 price target (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $97.03.

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.