Sumitomo Mitsui DS Asset Management Company Ltd Has $21.53 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 223,609 shares of the software maker's stock after acquiring an additional 5,228 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Fortinet were worth $21,525,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FTNT. SJS Investment Consulting Inc. raised its holdings in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet in the fourth quarter valued at $27,000. ORG Partners LLC lifted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the period. EQ Wealth Advisors LLC acquired a new stake in Fortinet in the 1st quarter worth about $35,000. Finally, Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. Robert W. Baird boosted their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. BMO Capital Markets lowered their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Finally, Morgan Stanley cut their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $105.62.

Fortinet Stock Performance

NASDAQ FTNT traded up $3.06 on Thursday, hitting $105.27. The stock had a trading volume of 2,862,942 shares, compared to its average volume of 4,850,462. The company's 50-day moving average is $103.07 and its two-hundred day moving average is $100.58. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $80.57 billion, a price-to-earnings ratio of 43.32, a P/E/G ratio of 3.53 and a beta of 1.06. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the firm earned $0.43 EPS. The firm's revenue was up 13.8% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share 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.