Iyo Bank Ltd. Acquires Shares of 8,500 Fortinet, Inc. (NASDAQ:FTNT)

Iyo Bank Ltd. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,500 shares of the software maker’s stock, valued at approximately $498,000.

A number of other institutional investors have also recently bought and sold shares of the business. Savant Capital LLC grew its stake in Fortinet by 56.7% in the 4th quarter. Savant Capital LLC now owns 5,937 shares of the software maker’s stock valued at $347,000 after purchasing an additional 2,149 shares during the period. Kestra Private Wealth Services LLC lifted its position in shares of Fortinet by 5.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 15,856 shares of the software maker’s stock valued at $928,000 after buying an additional 869 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Fortinet by 17.6% during the 4th quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after buying an additional 438,476 shares during the last quarter. Dover Advisors LLC purchased a new position in shares of Fortinet during the 4th quarter valued at $226,000. Finally, Silver Oak Securities Incorporated lifted its position in shares of Fortinet by 1,591.4% during the 4th quarter. Silver Oak Securities Incorporated now owns 3,349 shares of the software maker’s stock valued at $196,000 after buying an additional 3,151 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock worth $8,977,876 in the last ninety days. 17.54% of the stock is owned by insiders.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.69 during trading on Wednesday, hitting $63.87. 2,292,973 shares of the stock traded hands, compared to its average volume of 5,705,926. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $48.75 billion, a price-to-earnings ratio of 43.73, a PEG ratio of 2.85 and a beta of 1.08. The firm’s fifty day moving average is $67.78 and its 200-day moving average is $61.87. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the company earned $0.38 EPS. The company’s revenue was up 10.3% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Royal Bank of Canada upped their price target on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 7th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Wells Fargo & Company upped their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Scotiabank increased their price objective on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. Finally, Citigroup cut Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $72.19.

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.