Sumitomo Mitsui DS Asset Management Company Ltd Acquires 3,517 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 240,059 shares of the software maker’s stock after purchasing an additional 3,517 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fortinet were worth $18,617,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the first quarter valued at approximately $25,000. Rise Advisors LLC raised its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter valued at $33,000. Versant Capital Management Inc lifted its position in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Finally, City State Bank grew its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTNT. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Rosenblatt Securities cut their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Scotiabank raised their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Wells Fargo & Company boosted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Finally, Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $72.71.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,250 shares of company stock worth $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 1.5 %

Fortinet stock opened at $80.86 on Friday. The firm has a 50 day moving average price of $76.55 and a two-hundred day moving average price of $66.57. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The firm has a market cap of $61.77 billion, a price-to-earnings ratio of 52.85, a PEG ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company posted $0.31 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

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.