Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,662,348 shares of the software maker’s stock after purchasing an additional 15,687 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.22% of Fortinet worth $97,297,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Penserra Capital Management LLC increased its holdings in shares of Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after acquiring an additional 41 shares during the period. Evergreen Capital Management LLC increased its holdings in shares of Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after acquiring an additional 43 shares during the period. Douglass Winthrop Advisors LLC increased its holdings in shares of Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after acquiring an additional 50 shares during the period. Covestor Ltd increased its holdings in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the period. Finally, Sawtooth Solutions LLC increased its holdings in shares of Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after acquiring an additional 66 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on FTNT. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 7th. Wedbush increased their target price on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Truist Financial increased their target price on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. BMO Capital Markets increased their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Finally, Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $72.35.

Fortinet Stock Performance

Shares of FTNT opened at $64.48 on Wednesday. The company has a 50-day moving average of $68.83 and a two-hundred day moving average of $61.48. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a market cap of $49.20 billion, a price-to-earnings ratio of 44.47, a PEG ratio of 2.95 and a beta of 1.08. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. On average, equities research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 108,147 shares of company stock valued at $7,424,394 over the last three months. 17.54% of the stock is owned by corporate insiders.

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.