Dai ichi Life Insurance Company Ltd Has $1.17 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Dai ichi Life Insurance Company Ltd lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 198.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,037 shares of the software maker’s stock after purchasing an additional 10,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Fortinet were worth $1,166,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of FTNT. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. acquired a new position in Fortinet in the second quarter valued at $33,000. Finally, Versant Capital Management Inc lifted its holdings in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wedbush boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Stifel Nicolaus boosted their target price on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $88.93.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,745 shares of company stock valued at $5,746,974. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $94.06 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The firm’s fifty day moving average is $83.21 and its 200 day moving average is $70.96. The firm has a market cap of $72.09 billion, a P/E ratio of 47.51, a P/E/G ratio of 2.70 and a beta of 1.00.

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.