Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Position in Fortinet, Inc. $FTNT

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,135 shares of the software maker’s stock after purchasing an additional 6,711 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fortinet were worth $19,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Fortinet by 1.4% during the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after buying an additional 1,024,516 shares during the last quarter. State Street Corp boosted its stake in Fortinet by 3.0% in the second quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after acquiring an additional 862,468 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the period. Norges Bank purchased a new stake in shares of Fortinet during the 2nd quarter worth approximately $1,640,900,000. Finally, Invesco Ltd. increased its stake in shares of Fortinet by 7.9% during the 2nd quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock worth $977,718,000 after purchasing an additional 677,654 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FTNT. Morgan Stanley reissued an “underweight” rating and set a $70.00 price objective (up from $66.00) on shares of Fortinet in a report on Thursday, December 18th. UBS Group dropped their price target on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Barclays dropped their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $90.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $90.30.

Fortinet Stock Up 1.5%

FTNT stock opened at $79.22 on Friday. The stock has a 50-day simple moving average of $81.37 and a two-hundred day simple moving average of $86.36. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The firm has a market capitalization of $58.91 billion, a PE ratio of 32.60, a PEG ratio of 2.73 and a beta of 1.07. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. Fortinet’s revenue was up 14.4% compared to the same quarter last year. During the same period last year, the business earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,485 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by insiders.

Fortinet Profile

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.