Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lessened by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA raised its position in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA raised its position in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares in the last quarter. R Squared Ltd bought a new position in Fortinet during the fourth quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC raised its position in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FTNT. Susquehanna lifted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Royal Bank of Canada lifted their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. UBS Group set a $123.00 price target on shares of Fortinet in a research report on Tuesday. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $105.69.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by insiders.

Fortinet Stock Up 0.3 %

Shares of NASDAQ:FTNT opened at $98.45 on Friday. 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 company’s fifty day moving average is $102.26 and its 200-day moving average is $92.16. The company has a market capitalization of $75.71 billion, a PE ratio of 43.56, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet 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.