Sumitomo Life Insurance Co. Makes New $2 Million Investment in Fortinet, Inc. $FTNT

Sumitomo Life Insurance Co. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, HoldingsChannel reports. The firm acquired 13,004 shares of the software maker’s stock, valued at approximately $1,998,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Fortinet during the second quarter worth about $9,561,650,000. State Street Corp increased its position in Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after acquiring an additional 477,397 shares during the period. Norges Bank purchased a new stake in Fortinet during the 4th quarter valued at approximately $1,152,917,000. Bank of New York Mellon Corp raised its stake in Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after acquiring an additional 893,190 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after acquiring an additional 3,598,487 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FTNT shares. Bank of America reiterated a “buy” rating on shares of Fortinet in a research note on Monday, July 27th. Wall Street Zen upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Monday, August 3rd. Evercore set a $165.00 price target on Fortinet in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $160.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Finally, Wells Fargo & Company set a $135.00 price objective on shares of Fortinet and gave the company an “underweight” rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $150.91.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the sale, the vice president owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last quarter, insiders have sold 329,142 shares of company stock worth $50,731,178. 17.60% of the stock is owned by company insiders.

Fortinet Price Performance

FTNT stock opened at $153.51 on Friday. The firm has a 50 day moving average of $156.24 and a 200-day moving average of $117.61. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $172.09. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The company has a market cap of $112.63 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 2.86 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.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 prior year, the firm posted $0.64 EPS. The company’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. As a group, equities analysts expect that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

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.