Envestnet Asset Management Inc. Sells 42,347 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Envestnet Asset Management Inc. lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 604,389 shares of the software maker's stock after selling 42,347 shares during the period. Envestnet Asset Management Inc. owned approximately 0.08% of Fortinet worth $58,178,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Jackson Wealth Management LLC raised its holdings in shares of Fortinet by 29.6% during the first quarter. Jackson Wealth Management LLC now owns 64,909 shares of the software maker's stock valued at $6,248,000 after purchasing an additional 14,833 shares during the period. Concurrent Investment Advisors LLC raised its holdings in shares of Fortinet by 329.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 11,469 shares of the software maker's stock worth $1,104,000 after acquiring an additional 8,799 shares during the last quarter. Simmons Bank raised its holdings in shares of Fortinet by 2.9% in the 1st quarter. Simmons Bank now owns 41,624 shares of the software maker's stock worth $4,007,000 after acquiring an additional 1,177 shares during the last quarter. Seascape Capital Management raised its holdings in shares of Fortinet by 1.1% in the 1st quarter. Seascape Capital Management now owns 39,218 shares of the software maker's stock worth $3,775,000 after acquiring an additional 420 shares during the last quarter. Finally, World Investment Advisors raised its holdings in shares of Fortinet by 20.7% in the 1st quarter. World Investment Advisors now owns 3,758 shares of the software maker's stock worth $362,000 after acquiring an additional 644 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group lowered their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Robert W. Baird increased their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. KeyCorp reduced their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald reduced their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $105.62.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director 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 disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of Fortinet stock traded down $1.14 on Friday, hitting $99.06. 4,128,922 shares of the company traded hands, compared to its average volume of 4,876,859. The firm's 50-day simple moving average is $103.23 and its 200 day simple moving average is $100.97. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market cap of $75.82 billion, a P/E ratio of 40.77, a P/E/G ratio of 3.46 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm's revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 EPS. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.