Sumitomo Mitsui Trust Group Inc. Has $128.27 Million Stock Position in Fortinet, Inc. $FTNT

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,615,265 shares of the software maker’s stock after selling 41,623 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortinet were worth $128,268,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. raised its holdings in Fortinet by 54.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,522,604 shares of the software maker’s stock worth $200,320,000 after buying an additional 892,969 shares during the period. Howard Capital Management Inc. raised its holdings in shares of Fortinet by 2.3% in the fourth quarter. Howard Capital Management Inc. now owns 19,446 shares of the software maker’s stock valued at $1,544,000 after purchasing an additional 444 shares during the last quarter. Ritholtz Wealth Management raised its holdings in shares of Fortinet by 9.9% in the fourth quarter. Ritholtz Wealth Management now owns 6,807 shares of the software maker’s stock valued at $541,000 after purchasing an additional 611 shares during the last quarter. Diversify Advisory Services LLC raised its holdings in shares of Fortinet by 16.5% in the fourth quarter. Diversify Advisory Services LLC now owns 44,677 shares of the software maker’s stock valued at $3,368,000 after purchasing an additional 6,316 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 5.5% in the fourth quarter. Apollon Wealth Management LLC now owns 19,100 shares of the software maker’s stock valued at $1,517,000 after purchasing an additional 992 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTNT shares. Jefferies Financial Group set a $90.00 price objective on shares of Fortinet in a report on Friday, February 6th. BMO Capital Markets lifted their price objective on shares of Fortinet from $90.00 to $95.00 and gave the company a “market perform” rating in a report on Monday, February 9th. Citigroup reiterated a “neutral” rating and issued a $90.00 price objective (up from $85.00) on shares of Fortinet in a report on Monday, February 9th. Royal Bank Of Canada restated a “sector perform” rating and set a $90.00 target price (up from $85.00) on shares of Fortinet in a report on Friday, February 6th. Finally, TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Friday, January 23rd. Five equities research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $87.84.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 343,106 shares of Fortinet stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the completion of the transaction, the vice president directly owned 10,210,282 shares of the company’s stock, valued at $831,321,160.44. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the transaction, the chief executive officer directly owned 51,396,385 shares of the company’s stock, valued at approximately $4,184,693,666.70. This trade represents a 0.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 2.7%

FTNT stock opened at $78.74 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09. The company has a fifty day moving average price of $81.72 and a two-hundred day moving average price of $81.84. Fortinet, Inc. has a one year low of $70.12 and a one year high of $109.33. The stock has a market cap of $58.26 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.63 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Company 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.