Exencial Wealth Advisors LLC Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Exencial Wealth Advisors LLC reduced its stake in Fortinet by 40.1%, now holding 7,930 shares valued at approximately $763,000, as reported in their recent SEC filing.
• Several hedge funds adjusted their positions in Fortinet, including Ritholtz Wealth Management's increase by 38.4%, indicating notable investor interest in the company.
• Wall Street analysts have lowered their price targets for Fortinet, with JPMorgan Chase & Co. and Wells Fargo setting targets at $87.00 and $85.00 respectively, reflecting a more cautious outlook for the stock.

Exencial Wealth Advisors LLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 40.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,930 shares of the software maker's stock after selling 5,312 shares during the period. Exencial Wealth Advisors LLC's holdings in Fortinet were worth $763,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ritholtz Wealth Management grew its stake in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Fortinet during the 1st quarter valued at $216,000. Wealth Enhancement Advisory Services LLC grew its position in Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after acquiring an additional 16,139 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a report on Thursday. Wells Fargo & Company dropped their target price on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday. Mizuho decreased their price target on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research note on Thursday. UBS Group lowered their price target on Fortinet from $105.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday. Finally, Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Two research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $98.97.

Insider Activity

In related news, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

FTNT opened at $75.30 on Friday. The firm has a 50 day moving average of $102.31 and a two-hundred day moving average of $101.75. The firm has a market capitalization of $57.64 billion, a PE ratio of 30.00, a P/E/G ratio of 3.33 and a beta of 1.07. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 12-month low of $67.97 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 123.05%. The firm's revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current 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.

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