Envestnet Portfolio Solutions Inc. Sells 3,019 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 25,276 shares of the software maker’s stock after selling 3,019 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Fortinet were worth $2,388,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI grew its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the period. Trilogy Capital Inc. grew its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. grew its position in shares of Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after buying an additional 169,530 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $10,343,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Wells Fargo & Company boosted their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Stifel Nicolaus boosted their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $105.69.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.3 %

FTNT opened at $98.45 on Friday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock’s fifty day simple moving average is $102.26 and its 200 day simple moving average is $92.16. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market cap of $75.71 billion, a PE ratio of 43.56, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

About Fortinet

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.