Fortinet, Inc. (NASDAQ:FTNT) Position Increased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,550,733 shares of the software maker’s stock after buying an additional 37,009 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.20% of Fortinet worth $146,513,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in shares of Fortinet during the fourth quarter worth about $670,000. LVM Capital Management Ltd. MI increased its stake in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the last quarter. Trilogy Capital Inc. boosted its position in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the period. Finally, Forsta AP Fonden grew its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $107.66 on Friday. The firm has a market cap of $82.52 billion, a price-to-earnings ratio of 54.37, a P/E/G ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $110.53. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $97.38 and a 200 day simple moving average of $84.56.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 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, with a total value of $34,967.50. Following the purchase, the director now 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on FTNT shares. Stifel Nicolaus lifted their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Morgan Stanley raised their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Truist Financial reiterated a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $101.43.

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.