Sumitomo Life Insurance Co. Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Sumitomo Life Insurance Co. grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,858 shares of the software maker’s stock after acquiring an additional 485 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Fortinet were worth $3,711,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FTNT. SeaCrest Wealth Management LLC bought a new position in Fortinet in the third quarter worth about $329,000. CFM Wealth Partners LLC purchased a new position in shares of Fortinet in the 3rd quarter worth approximately $269,000. Dover Advisors LLC raised its stake in shares of Fortinet by 11.8% during the 3rd quarter. Dover Advisors LLC now owns 14,716 shares of the software maker’s stock worth $1,141,000 after acquiring an additional 1,551 shares in the last quarter. Members Trust Co purchased a new stake in Fortinet during the third quarter valued at approximately $231,000. Finally, Zhang Financial LLC boosted its stake in Fortinet by 5.3% in the third quarter. Zhang Financial LLC now owns 8,878 shares of the software maker’s stock valued at $688,000 after acquiring an additional 447 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,943 shares of company stock worth $4,881,539. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. Scotiabank increased their price objective on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Robert W. Baird increased their price target on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Susquehanna boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, UBS Group boosted their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $72.64.

Fortinet Price Performance

Shares of FTNT traded down $0.99 during trading hours on Wednesday, hitting $81.65. 333,277 shares of the stock were exchanged, compared to its average volume of 5,538,272. The stock’s 50-day moving average price is $76.06 and its two-hundred day moving average price is $66.36. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market cap of $62.38 billion, a price-to-earnings ratio of 54.01, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current 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.