Sendero Wealth Management LLC Grows Position in Fortinet, Inc. $FTNT

Sendero Wealth Management LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,171 shares of the software maker's stock after purchasing an additional 4,570 shares during the quarter. Fortinet comprises 0.9% of Sendero Wealth Management LLC's investment portfolio, making the stock its 22nd biggest holding. Sendero Wealth Management LLC's holdings in Fortinet were worth $7,418,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares in the last quarter. Bison Wealth LLC purchased a new stake in Fortinet in the fourth quarter worth about $585,000. Procyon Advisors LLC purchased a new stake in Fortinet in the first quarter worth about $1,273,000. City State Bank increased its stake in shares of Fortinet by 35.9% during the first quarter. City State Bank now owns 681 shares of the software maker's stock valued at $66,000 after purchasing an additional 180 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its holdings in shares of Fortinet by 10.3% during the first quarter. Gateway Investment Advisers LLC now owns 23,903 shares of the software maker's stock valued at $2,301,000 after purchasing an additional 2,227 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT opened at $85.79 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The stock has a market cap of $65.74 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 3.24 and a beta of 1.09. The company's 50 day moving average is $83.35 and its two-hundred day moving average is $95.04.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the prior year, the company posted $0.57 earnings per share. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the business'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 value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction 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 stock in a transaction that occurred on Monday, August 4th. The shares were 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 of the company's stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Erste Group Bank downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. TD Cowen restated a "hold" rating and set a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. UBS Group dropped their price target on shares of Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Stifel Nicolaus cut their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada reduced their price objective on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus target price of $97.03.

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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