Sumitomo Mitsui DS Asset Management Company Ltd Has $24.04 Million Holdings in Fortinet, Inc. $FTNT

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Fortinet, Inc. by 1.7% during the second quarter, now holding shares worth approximately $24 million.
• Fortinet reported earnings of $0.64 per share, exceeding estimates, with a revenue of $1.63 billion for the quarter, marking a 13.6% increase year-over-year.
• Several analysts have adjusted their price targets for Fortinet, with DZ Bank raising its rating to "buy" and a new average target price set at $97.03, indicating a general positive outlook for the stock.

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.7% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 227,424 shares of the software maker's stock after acquiring an additional 3,815 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Fortinet were worth $24,043,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its position in shares of Fortinet by 40.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock worth $7,045,000 after buying an additional 21,177 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after buying an additional 1,885 shares during the last quarter. Gould Capital LLC bought a new stake in shares of Fortinet during the 1st quarter worth $908,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Fortinet during the 1st quarter worth $216,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after buying an additional 38,080 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the firm'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 transaction of $46,935,174.08. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,486 shares of the firm'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 sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on FTNT. Stifel Nicolaus dropped their price objective on Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a research report on Thursday, August 7th. Morgan Stanley restated an "underweight" rating and set a $67.00 price objective (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. BMO Capital Markets dropped their price objective on Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a research report on Thursday, August 7th. TD Cowen restated a "hold" rating and set a $105.00 price objective on shares of Fortinet in a research report on Thursday, August 7th. Finally, Cowen downgraded Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $97.03.

Fortinet Trading Up 1.0%

Shares of FTNT traded up $0.80 during mid-day trading on Monday, reaching $85.01. 6,169,920 shares of the company were exchanged, compared to its average volume of 6,528,245. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market capitalization of $65.14 billion, a PE ratio of 33.87, a PEG ratio of 3.18 and a beta of 1.13. The business has a 50 day simple moving average of $87.01 and a two-hundred day simple moving average of $95.80.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the company earned $0.57 earnings per share. The firm's revenue was up 13.6% compared to the same quarter last year. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.