Sumitomo Mitsui Trust Group Inc. Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,513,724 shares of the software maker’s stock after acquiring an additional 14,849 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Fortinet worth $117,389,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. 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 worth $1,999,000 after purchasing an additional 141 shares during the period. Parallel Advisors LLC increased its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares during the period. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Simplicity Wealth LLC boosted its position in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Finally, Werlinich Asset Management LLC grew its holdings in Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of FTNT opened at $97.88 on Thursday. The company has a market capitalization of $75.02 billion, a P/E ratio of 49.43, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. 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 50 day moving average of $80.01 and a 200 day moving average of $68.85.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on FTNT shares. Morgan Stanley lowered their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Truist Financial increased their price objective on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Piper Sandler upped their target price on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $79.52.

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.