Sumitomo Mitsui Trust Group Inc. Has $139.31 Million Holdings in Fortinet, Inc. $FTNT

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,656,888 shares of the software maker’s stock after selling 109,928 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Fortinet worth $139,311,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Fortinet by 6.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock worth $137,800,000 after purchasing an additional 82,937 shares during the last quarter. Warther Private Wealth LLC increased its position in Fortinet by 39.7% in the 2nd quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after buying an additional 51,750 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Fortinet by 4.7% during the third quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker’s stock worth $33,824,000 after buying an additional 17,892 shares during the last quarter. Cooper Financial Group bought a new stake in shares of Fortinet in the second quarter valued at approximately $2,653,000. Finally, Czech National Bank grew its stake in shares of Fortinet by 6.5% in the third quarter. Czech National Bank now owns 165,423 shares of the software maker’s stock worth $13,909,000 after acquiring an additional 10,135 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $78.33 on Wednesday. The firm has a market capitalization of $58.25 billion, a PE ratio of 32.23, a price-to-earnings-growth ratio of 2.75 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, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a 50-day moving average price of $81.06 and a 200 day moving average price of $85.76.

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

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a research note on Monday, December 29th. UBS Group cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Mizuho reduced their target price on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research note on Thursday, November 6th. Royal Bank Of Canada lowered their price target on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $90.30.

About Fortinet

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.