Sumitomo Mitsui Trust Group Inc. Has $146.51 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,550,733 shares of the software maker’s stock after acquiring an additional 37,009 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortinet were worth $146,513,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. CWM LLC grew its stake in shares of Fortinet by 95.0% in the third quarter. CWM LLC now owns 76,564 shares of the software maker’s stock worth $5,938,000 after acquiring an additional 37,294 shares during the last quarter. Wedmont Private Capital grew its position in Fortinet by 24.0% in the 3rd quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after purchasing an additional 1,045 shares during the last quarter. Perpetual Ltd increased its holdings in shares of Fortinet by 98.7% during the 3rd quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after purchasing an additional 12,054 shares during the period. ORBA Wealth Advisors L.L.C. raised its position in shares of Fortinet by 30.8% during the third quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock valued at $1,512,000 after buying an additional 4,591 shares during the last quarter. Finally, JGP Wealth Management LLC lifted its stake in shares of Fortinet by 3.4% in the third quarter. JGP Wealth Management LLC now owns 16,035 shares of the software maker’s stock valued at $1,244,000 after buying an additional 532 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research reports. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, Royal Bank of Canada upped their target price on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $101.43.

Fortinet Trading Up 2.8 %

Shares of FTNT opened at $107.66 on Friday. The stock’s fifty day simple moving average is $97.38 and its 200-day simple moving average is $84.56. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $82.52 billion, a PE ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $110.53.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. As a group, research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

About Fortinet

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.