Sentry Investment Management LLC Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

Sentry Investment Management LLC lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,399 shares of the software maker’s stock after selling 365 shares during the quarter. Sentry Investment Management LLC’s holdings in Fortinet were worth $199,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FTNT. Covestor Ltd increased its position in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after buying an additional 57 shares in the last quarter. Zions Bancorporation N.A. increased its position in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after buying an additional 73 shares in the last quarter. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter worth about $29,000. Headinvest LLC purchased a new stake in Fortinet in the third quarter worth about $29,000. Finally, Quarry LP grew its position in shares of Fortinet by 686.6% during the second quarter. Quarry LP now owns 527 shares of the software maker’s stock worth $40,000 after purchasing an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Tuesday, February 13th. Mizuho increased their target price on Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Truist Financial increased their target price on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Finally, Royal Bank of Canada increased their price target on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $72.35.

Fortinet Price Performance

FTNT opened at $64.48 on Wednesday. The business has a fifty day moving average of $68.83 and a 200 day moving average of $61.48. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.20 billion, a P/E ratio of 44.47, a PEG ratio of 2.87 and a beta of 1.08.

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

Insider Buying and Selling at Fortinet

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

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.