Sumitomo Mitsui DS Asset Management Company Ltd Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 218,381 shares of the software maker’s stock after selling 21,678 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fortinet were worth $20,633,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Fifth Third Wealth Advisors LLC lifted its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the last quarter. Versant Capital Management Inc increased its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the period. Diversified Trust Co increased its stake in Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after buying an additional 135 shares during the period. Eagle Capital Management LLC increased its stake in Fortinet by 0.6% in the 3rd 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 during the period. Finally, OneDigital Investment Advisors LLC increased its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Royal Bank of Canada boosted their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Thursday, December 19th. Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. One investment 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $97.73.

Fortinet Stock Down 0.3 %

FTNT opened at $104.72 on Friday. The firm has a 50 day moving average price of $97.13 and a 200 day moving average price of $84.21. The company has a market cap of $80.26 billion, a PE ratio of 52.89, a price-to-earnings-growth 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 $105.82. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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%. Sell-side analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.