Penserra Capital Management LLC Has $98.64 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Penserra Capital Management LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,024,771 shares of the software maker's stock after selling 26,886 shares during the quarter. Fortinet accounts for 1.8% of Penserra Capital Management LLC's holdings, making the stock its 7th biggest position. Penserra Capital Management LLC owned approximately 0.13% of Fortinet worth $98,643,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Eagle Capital Management LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after buying an additional 404 shares in the last quarter. Brighton Jones LLC boosted its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after acquiring an additional 221 shares during the period. Proficio Capital Partners LLC boosted its position in shares of Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after acquiring an additional 544,357 shares during the period. Assetmark Inc. boosted its position in shares of Fortinet by 692.3% in the fourth quarter. Assetmark Inc. now owns 96,913 shares of the software maker's stock valued at $9,156,000 after acquiring an additional 84,681 shares during the period. Finally, M&T Bank Corp lifted its position in Fortinet by 12.0% during the fourth quarter. M&T Bank Corp now owns 37,126 shares of the software maker's stock worth $3,508,000 after purchasing an additional 3,987 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on FTNT. Stifel Nicolaus cut their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Morgan Stanley cut their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Cantor Fitzgerald cut their price objective 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. UBS Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Wolfe Research began coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $105.62.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.1%

Fortinet stock traded up $0.11 during trading hours on Wednesday, hitting $107.65. 4,441,071 shares of the stock traded hands, compared to its average volume of 4,864,354. The firm's 50-day moving average price is $103.37 and its two-hundred day moving average price is $100.89. 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 $82.40 billion, a PE ratio of 44.30, a PEG ratio of 3.68 and a beta of 1.06. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly 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 firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 EPS. On average, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

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.