Sumitomo Mitsui Trust Group Inc. Purchases 61,616 Shares of Fortinet, Inc. $FTNT

Sumitomo Mitsui Trust Group Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,766,816 shares of the software maker’s stock after buying an additional 61,616 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortinet were worth $186,788,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Saudi Central Bank bought a new position in Fortinet during the first quarter worth $25,000. Clearstead Trust LLC acquired a new stake in Fortinet in the first quarter worth $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares during the period. Wayfinding Financial LLC acquired a new stake in Fortinet in the first quarter worth $36,000. Finally, Mechanics Financial Corp acquired a new stake in Fortinet in the first quarter worth $36,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $85.56 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock’s fifty day simple moving average is $81.97 and its two-hundred day simple moving average is $93.93. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The stock has a market cap of $65.56 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 3.20 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the business earned $0.57 EPS. The business’s revenue was up 13.6% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. BMO Capital Markets reduced their price target on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday. Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a report on Thursday, August 7th. Finally, DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.03.

Insider Activity

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

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.