Sumitomo Mitsui Trust Group Inc. Purchases 14,849 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,513,724 shares of the software maker’s stock after acquiring an additional 14,849 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortinet were worth $117,389,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Eastern Bank purchased a new stake in shares of Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday. Rosenblatt Securities increased their target price on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, TD Cowen lifted their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $79.52.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Down 1.3 %

Shares of FTNT opened at $97.88 on Thursday. The company’s fifty day simple moving average is $80.01 and its 200-day simple moving average is $68.85. The company has a market cap of $75.02 billion, a P/E ratio of 49.43, a P/E/G ratio of 2.96 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59.

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.