Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Sentry Investment Management LLC

Sentry Investment Management LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.0% in the 4th quarter, Holdings Channel reports. The fund owned 2,426 shares of the software maker’s stock after selling 395 shares during the period. Sentry Investment Management LLC’s holdings in Fortinet were worth $229,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Prasad Wealth Partners LLC bought a new position in Fortinet in the 4th quarter worth about $835,000. IFP Advisors Inc boosted its position in shares of Fortinet by 24.1% during the fourth quarter. IFP Advisors Inc now owns 59,832 shares of the software maker’s stock worth $5,653,000 after buying an additional 11,625 shares during the period. Asset Advisors Investment Management LLC bought a new position in Fortinet in the 4th quarter worth approximately $651,000. Mainstay Capital Management LLC ADV increased its position in Fortinet by 2.4% in the 4th quarter. Mainstay Capital Management LLC ADV now owns 8,216 shares of the software maker’s stock valued at $776,000 after acquiring an additional 195 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new stake in Fortinet during the 4th quarter valued at $2,449,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTNT. Mizuho increased their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Bank of America increased their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Royal Bank of Canada increased their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Finally, Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Trading Down 0.6 %

Fortinet stock opened at $108.06 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm has a market capitalization of $82.82 billion, a price-to-earnings ratio of 47.81, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a 50 day moving average price of $100.54 and a 200 day moving average price of $89.22.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % 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. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,460 shares of company stock worth $7,063,290 in the last 90 days. Company 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.