Sumitomo Mitsui Trust Holdings Inc. Acquires 551 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,662,899 shares of the software maker’s stock after acquiring an additional 551 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.22% of Fortinet worth $113,593,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vima LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $25,000. Rise Advisors LLC grew its stake in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Headinvest LLC bought a new position in shares of Fortinet during the third quarter valued at $29,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the 4th quarter worth about $29,000. Finally, Creekmur Asset Management LLC bought a new position in Fortinet in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.5 %

NASDAQ FTNT opened at $60.73 on Thursday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The business has a 50-day moving average price of $60.34 and a 200-day moving average price of $63.80. The firm has a market cap of $46.39 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.98 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. Research analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,638 shares of company stock valued at $5,705,568. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. HSBC dropped their target price on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday. Susquehanna reduced their target price on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Scotiabank lowered their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, May 3rd. Finally, Guggenheim reiterated a “buy” rating and issued a $81.00 price objective on shares of Fortinet in a report on Tuesday, June 25th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $70.03.

About Fortinet

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.