Sumitomo Life Insurance Co. Has $3.93 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Life Insurance Co. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,557 shares of the software maker’s stock after selling 6,301 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Fortinet were worth $3,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares in the last quarter. Diversified Trust Co increased its position in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the last quarter. Eagle Capital Management LLC raised its holdings in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. BMO Capital Markets lifted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. UBS Group lifted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $96.83.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 3.2 %

Shares of Fortinet stock opened at $99.83 on Wednesday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The stock has a market capitalization of $76.51 billion, a P/E ratio of 50.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The company has a 50-day simple moving average of $95.98 and a 200 day simple moving average of $82.45. 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 (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the business posted $0.35 earnings per share. Research analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

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.