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

Tokio Marine Asset Management Co. Ltd. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 19,425 shares of the software maker’s stock after acquiring an additional 1,107 shares during the period. 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 hedge funds also recently modified their holdings of FTNT. Eastern Bank acquired a new position in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in Fortinet during the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc grew its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Piper Sandler raised their price target on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Scotiabank lifted their target price on Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Truist Financial upped their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.52.

Insider Activity at Fortinet

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

Fortinet Stock Down 3.5 %

FTNT stock opened at $94.46 on Friday. The stock’s 50 day moving average is $80.38 and its 200-day moving average is $69.03. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. The firm has a market capitalization of $72.40 billion, a PE ratio of 47.71, a P/E/G ratio of 2.93 and a beta of 1.00. 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 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.