Sumitomo Mitsui DS Asset Management Company Ltd Sells 21,678 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui DS Asset Management Company Ltd lessened its position in 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 recently made changes to their positions in FTNT. Eastern Bank bought a new stake in Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted 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 in the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the 3rd quarter valued at about $46,000. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on FTNT. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Stifel Nicolaus lifted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Royal Bank of Canada boosted their target price on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, TD Cowen boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One equities research 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 stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $97.73.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were 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 owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 0.3 %

Shares of FTNT opened at $104.72 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $105.82. The firm has a 50-day moving average price of $97.13 and a 200 day moving average price of $84.21. The firm has a market capitalization of $80.26 billion, a P/E ratio of 52.89, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 forecast that Fortinet, Inc. will post 1.95 EPS 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.