Envestnet Asset Management Inc. Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Envestnet Asset Management Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 52.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 960,607 shares of the software maker’s stock after selling 1,051,131 shares during the period. Envestnet Asset Management Inc. owned 0.13% of Fortinet worth $56,224,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FTNT. Exencial Wealth Advisors LLC raised its holdings in shares of Fortinet by 3.3% in the fourth quarter. Exencial Wealth Advisors LLC now owns 230,800 shares of the software maker’s stock valued at $13,509,000 after buying an additional 7,400 shares during the last quarter. Pinebridge Investments L.P. raised its stake in Fortinet by 40.1% during the 4th quarter. Pinebridge Investments L.P. now owns 937,487 shares of the software maker’s stock valued at $54,871,000 after acquiring an additional 268,463 shares during the last quarter. Cibc World Markets Corp lifted its position in Fortinet by 142.4% during the 4th quarter. Cibc World Markets Corp now owns 306,149 shares of the software maker’s stock worth $17,919,000 after acquiring an additional 179,829 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Fortinet by 76.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 115,667 shares of the software maker’s stock valued at $6,770,000 after purchasing an additional 50,139 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $263,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. HSBC lowered their price objective on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research report on Friday, May 3rd. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Mizuho dropped their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, Truist Financial reduced their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.10.

Read Our Latest Stock Analysis on Fortinet

Insider Buying and Selling

In other news, Director William H. Neukom purchased 586 shares of the stock in a transaction on Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the transaction, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 67,403 shares of company stock valued at $4,262,858. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 0.6 %

Shares of NASDAQ:FTNT opened at $60.09 on Tuesday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock’s 50-day moving average price is $62.91 and its two-hundred day moving average price is $63.10. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The firm has a market cap of $45.91 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the company earned $0.29 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. On average, research analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current year.

Fortinet Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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