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

Sentry Investment Management LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 14.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC grew its position in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC boosted its stake in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the last quarter. State Street Corp grew its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC grew its holdings in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, AustralianSuper Pty Ltd increased its stake in shares of Fortinet by 1,084.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after acquiring an additional 601,801 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

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

Fortinet (NASDAQ:FTNT) last issued its 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 net margin of 29.30% and a return on equity of 256.53%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on FTNT. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Bank of America boosted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, Barclays upped their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,460 shares of company stock valued at $7,063,290 in the last quarter. Insiders own 18.00% of the company’s stock.

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.