Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,532,028 shares of the software maker's stock after selling 83,237 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Fortinet worth $125,197,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Resona Asset Management Co. Ltd. raised its holdings in Fortinet by 0.5% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 205,833 shares of the software maker's stock worth $16,724,000 after purchasing an additional 950 shares during the period. Personal CFO Solutions LLC grew its holdings in Fortinet by 5.0% in the first quarter. Personal CFO Solutions LLC now owns 2,670 shares of the software maker's stock valued at $218,000 after purchasing an additional 127 shares during the period. Frank Rimerman Advisors LLC grew its holdings in Fortinet by 29.6% in the first quarter. Frank Rimerman Advisors LLC now owns 16,768 shares of the software maker's stock valued at $1,370,000 after purchasing an additional 3,825 shares during the period. Flatrock Wealth Partners LLC purchased a new stake in shares of Fortinet in the first quarter valued at approximately $205,000. Finally, Jackson Thornton Wealth Management LLC increased its position in shares of Fortinet by 32.7% in the first quarter. Jackson Thornton Wealth Management LLC now owns 5,522 shares of the software maker's stock valued at $424,000 after buying an additional 1,360 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.
Insider Activity at Fortinet
In related news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the business's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. Compass Point set a $100.00 target price on Fortinet in a research report on Monday, May 4th. Zacks Research lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Friday, June 12th. HSBC cut shares of Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 price objective for the company. in a research report on Monday, June 29th. Scotiabank lifted their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector perform" rating in a research report on Thursday, May 7th. Finally, UBS Group lifted their target price on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $108.74.
Check Out Our Latest Report on Fortinet
Fortinet Price Performance
FTNT traded down $6.22 on Friday, reaching $157.51. 3,518,279 shares of the company's stock were exchanged, compared to its average volume of 5,833,056. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $165.28. The stock has a market cap of $115.40 billion, a PE ratio of 60.81, a P/E/G ratio of 4.45 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock's fifty day moving average price is $137.74 and its 200-day moving average price is $100.94.
Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. Fortinet's quarterly revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Sell-side analysts expect that Fortinet, Inc. will post 2.8 EPS for the current year.
About Fortinet
(
Free Report)
Fortinet, Inc NASDAQ: FTNT is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet's product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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