Envestnet Asset Management Inc. Sells 299,251 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Envestnet Asset Management Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 35.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 550,843 shares of the software maker’s stock after selling 299,251 shares during the period. Envestnet Asset Management Inc. owned 0.07% of Fortinet worth $33,199,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. TFO Wealth Partners LLC lifted its holdings in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after acquiring an additional 18,167 shares during the last quarter. Sanibel Captiva Trust Company Inc. purchased a new stake in Fortinet in the 4th quarter worth about $10,394,000. Hsbc Holdings PLC lifted its stake in Fortinet by 30.2% in the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock worth $98,080,000 after purchasing an additional 389,098 shares during the last quarter. Advanced Portfolio Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $1,537,000. Finally, GAMMA Investing LLC grew its stake in shares of Fortinet by 26.9% during the first quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock valued at $683,000 after buying an additional 2,118 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTNT. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. Cantor Fitzgerald upped their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.57.

Fortinet Stock Up 1.5 %

Shares of FTNT stock opened at $76.78 on Friday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The stock’s fifty day moving average price is $68.54 and its 200 day moving average price is $65.21. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a market cap of $58.66 billion, a price-to-earnings ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned $0.31 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 in the last ninety days. 18.00% of the stock is owned by insiders.

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.