Sumitomo Mitsui Asset Management Company LTD reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 97.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,048 shares of the software maker’s stock after selling 341,163 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Fortinet were worth $376,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FTNT. Profund Advisors LLC raised its stake in Fortinet by 6.6% in the first quarter. Profund Advisors LLC now owns 21,255 shares of the software maker’s stock worth $815,000 after buying an additional 1,311 shares during the last quarter. American Capital Management Inc. raised its stake in Fortinet by 1.7% in the first quarter. American Capital Management Inc. now owns 796,260 shares of the software maker’s stock worth $30,537,000 after buying an additional 13,545 shares during the last quarter. Global Thematic Partners LLC raised its stake in Fortinet by 8.8% in the first quarter. Global Thematic Partners LLC now owns 1,257,671 shares of the software maker’s stock worth $48,231,000 after buying an additional 101,631 shares during the last quarter. Nationwide Fund Advisors raised its stake in Fortinet by 85.6% in the first quarter. Nationwide Fund Advisors now owns 452,408 shares of the software maker’s stock worth $17,350,000 after buying an additional 208,677 shares during the last quarter. Finally, Capital Impact Advisors LLC bought a new stake in Fortinet during the first quarter worth approximately $1,845,000. 72.98% of the stock is owned by institutional investors and hedge funds.

Fortinet, Inc. (NASDAQ:FTNT) opened at 36.48 on Friday. The firm has a 50-day moving average price of $38.35 and a 200 day moving average price of $37.91. Fortinet, Inc. has a 52 week low of $28.51 and a 52 week high of $41.56. The company has a market cap of $6.41 billion, a P/E ratio of 99.95 and a beta of 1.02.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to analyst estimates of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 earnings per share. Analysts expect that Fortinet, Inc. will post $0.95 EPS for the current fiscal year.

Fortinet declared that its board has authorized a share repurchase program on Wednesday, July 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the software maker to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

TRADEMARK VIOLATION WARNING: “Sumitomo Mitsui Asset Management Company LTD Has $376,000 Position in Fortinet, Inc. (FTNT)” was originally reported by Watch List News and is the property of of Watch List News. If you are reading this news story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this news story can be read at https://www.watchlistnews.com/sumitomo-mitsui-asset-management-company-ltd-has-376000-position-in-fortinet-inc-ftnt/1476496.html.

Several brokerages have recently issued reports on FTNT. Robert W. Baird set a $50.00 target price on Fortinet and gave the company a “buy” rating in a research report on Thursday, July 27th. Dougherty & Co raised their target price on Fortinet from $46.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. Evercore ISI set a $38.00 target price on Fortinet and gave the company a “hold” rating in a research report on Thursday, July 27th. Royal Bank Of Canada raised their target price on Fortinet from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Finally, UBS AG raised their target price on Fortinet from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet presently has an average rating of “Buy” and a consensus price target of $41.56.

In other news, VP John Whittle sold 2,091 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.27, for a total value of $75,840.57. Following the completion of the transaction, the vice president now owns 7,181 shares of the company’s stock, valued at $260,454.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the company’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $39.29, for a total value of $186,352.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,258 shares of company stock valued at $535,475. Corporate insiders own 16.40% of the company’s stock.

About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.