Fortinet, Inc. $FTNT Holdings Lessened by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 178,351 shares of the software maker’s stock after selling 9,323 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fortinet were worth $31,882,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Midway Capital Research & Management bought a new position in shares of Fortinet during the 3rd quarter valued at about $434,000. Family Wealth Partners LLC bought a new stake in shares of Fortinet in the third quarter worth about $302,000. CWA Asset Management Group LLC increased its holdings in shares of Fortinet by 126.9% in the third quarter. CWA Asset Management Group LLC now owns 102,596 shares of the software maker’s stock worth $18,340,000 after purchasing an additional 57,379 shares during the last quarter. Investment Research Partners LLC increased its holdings in shares of Fortinet by 11.9% in the third quarter. Investment Research Partners LLC now owns 2,475 shares of the software maker’s stock worth $442,000 after purchasing an additional 264 shares during the last quarter. Finally, Maia Wealth LLC lifted its position in shares of Fortinet by 3.7% in the third quarter. Maia Wealth LLC now owns 37,922 shares of the software maker’s stock worth $6,779,000 after buying an additional 1,345 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FTNT shares. HSBC increased their price target on Fortinet from $102.00 to $107.00 in a research note on Friday, July 31st. Stephens lifted their price objective on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Yorkville Ives initiated coverage on Fortinet in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $225.00 price objective on the stock. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Finally, Barclays set a $210.00 target price on Fortinet and gave the company an “equal weight” rating in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $160.92.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,121 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president directly owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 221,303 shares of company stock worth $36,164,034. Insiders own 17.60% of the company’s stock.

Fortinet Stock Up 1.4%

Shares of FTNT opened at $171.50 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average of $169.47 and a 200 day moving average of $143.93. The company has a market cap of $125.83 billion, a PE ratio of 60.39, a P/E/G ratio of 3.16 and a beta of 1.03. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the business posted $0.64 earnings per share. The business’s revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 3.10 EPS for the current year.

About Fortinet

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.