Sienna Gestion Sells 4,321 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Sienna Gestion has reduced its holdings in Fortinet, Inc. by 5.6% during the first quarter, now owning 72,680 shares valued at approximately $6.8 million.
• Multiple analysts have recently downgraded Fortinet’s stock price targets, with consensus ratings reflecting twenty-five hold ratings compared to only eight buy ratings.
• Fortinet reported a quarterly EPS of $0.64, exceeding analysts' expectations, along with a revenue increase of 13.6% compared to the same period last year.

Sienna Gestion lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,680 shares of the software maker's stock after selling 4,321 shares during the quarter. Sienna Gestion's holdings in Fortinet were worth $6,801,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Eagle Capital Management LLC boosted its position in Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after acquiring an additional 404 shares during the period. Brighton Jones LLC boosted its position in Fortinet by 2.2% during 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 during the period. Sagespring Wealth Partners LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at about $341,000. Advisors Capital Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at about $234,000. Finally, SageView Advisory Group LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at about $289,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer 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. Company insiders own 17.20% of the company's stock.

Fortinet Stock Performance

Shares of FTNT traded up $1.86 on Friday, reaching $79.11. 10,860,686 shares of the stock traded hands, compared to its average volume of 8,724,086. The stock's 50-day moving average price is $99.22 and its 200-day moving average price is $100.90. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The firm has a market cap of $60.62 billion, a price-to-earnings ratio of 31.52, a P/E/G ratio of 2.93 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTNT. Barclays reduced their price target on Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Robert W. Baird lifted their price target on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. reduced their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. Two equities research analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $97.93.

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.