Sendero Wealth Management LLC Purchases 9,728 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sendero Wealth Management LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,601 shares of the software maker's stock after buying an additional 9,728 shares during the quarter. Fortinet makes up approximately 0.9% of Sendero Wealth Management LLC's portfolio, making the stock its 28th biggest position. Sendero Wealth Management LLC's holdings in Fortinet were worth $6,315,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in Fortinet in the 4th quarter worth approximately $724,048,000. Schroder Investment Management Group purchased a new stake in Fortinet during the 4th quarter valued at $389,867,000. FMR LLC grew its holdings in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after acquiring an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 697,818 shares of company stock worth $69,539,128 over the last 90 days. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent analyst reports. KeyCorp decreased their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wolfe Research assumed coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Finally, Susquehanna increased their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus price target of $104.80.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.42 during trading on Friday, reaching $104.92. 1,798,246 shares of the stock traded hands, compared to its average volume of 4,996,798. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market capitalization of $80.31 billion, a price-to-earnings ratio of 46.40, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The business has a fifty day simple moving average of $100.02 and a two-hundred day simple moving average of $99.69.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 EPS. Sell-side analysts expect 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.