Sendero Wealth Management LLC Sells 514 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sendero Wealth Management LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 39,477 shares of the software maker’s stock after selling 514 shares during the period. Sendero Wealth Management LLC’s holdings in Fortinet were worth $2,697,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Morgan Stanley raised its stake in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after purchasing an additional 108,548 shares in the last quarter. Norges Bank acquired a new stake in Fortinet in the 4th quarter worth about $203,501,000. Van ECK Associates Corp raised its stake in Fortinet by 17.6% in the 4th quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after purchasing an additional 438,476 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Fortinet by 11.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,628,691 shares of the software maker’s stock worth $153,875,000 after purchasing an additional 267,759 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in Fortinet by 2.9% in the 4th quarter. Schroder Investment Management Group now owns 2,618,816 shares of the software maker’s stock worth $153,279,000 after purchasing an additional 74,528 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Cantor Fitzgerald dropped their price objective on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Piper Sandler dropped their target price on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Scotiabank dropped their target price on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, May 3rd. Royal Bank of Canada dropped their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.03.

Fortinet Trading Up 0.4 %

Shares of FTNT traded up $0.23 during trading hours on Friday, hitting $60.27. 7,986,918 shares of the stock were exchanged, compared to its average volume of 5,916,282. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The firm has a market capitalization of $46.04 billion, a P/E ratio of 39.24, a price-to-earnings-growth ratio of 2.84 and a beta of 0.98. The business has a 50-day moving average of $60.65 and a 200-day moving average of $63.61. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the company posted $0.29 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 1.46 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock valued at $5,705,568 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.