Sentry Investment Management LLC Lowers Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sentry Investment Management LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 9.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,399 shares of the software maker’s stock after selling 365 shares during the period. Sentry Investment Management LLC’s holdings in Fortinet were worth $199,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Vontobel Holding Ltd. grew its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after acquiring an additional 38,751 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in Fortinet by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,662,348 shares of the software maker’s stock worth $97,297,000 after acquiring an additional 15,687 shares during the period. Louisiana State Employees Retirement System purchased a new position in Fortinet in the fourth quarter worth approximately $5,824,000. Finally, Seascape Capital Management purchased a new position in Fortinet in the fourth quarter worth approximately $1,897,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.4 %

Fortinet stock opened at $64.48 on Wednesday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a market cap of $49.20 billion, a PE ratio of 44.47, a P/E/G ratio of 2.87 and a beta of 1.08. The stock’s fifty day moving average is $68.83 and its two-hundred day moving average is $61.48.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm earned $0.38 earnings per share. Fortinet’s quarterly revenue was up 10.3% on a year-over-year basis. On average, sell-side analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,147 shares of company stock worth $7,424,394. Corporate insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Truist Financial raised their price target on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group raised their price target on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Piper Sandler restated a “neutral” rating and set a $75.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Tuesday, February 13th. Finally, Stifel Nicolaus raised their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $72.35.

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.