Sentry Investment Management LLC Sells 558 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sentry Investment Management LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 23.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,868 shares of the software maker’s stock after selling 558 shares during the quarter. Sentry Investment Management LLC’s holdings in Fortinet were worth $164,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Manchester Capital Management LLC lifted its position in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC lifted its position in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the period. CIBC Private Wealth Group LLC lifted its position in Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after purchasing an additional 116 shares during the period. Finally, Evergreen Capital Management LLC lifted its position in Fortinet by 2.0% in the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock worth $590,000 after purchasing an additional 124 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 206,000 shares of Fortinet 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 transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock worth $69,539,128 in the last quarter. 17.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on FTNT. Stephens began coverage on Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price for the company. The Goldman Sachs Group raised their target price on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Royal Bank of Canada dropped their price objective on Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. Finally, Scotiabank dropped their price objective on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $104.80.

Fortinet Stock Up 0.4%

Shares of NASDAQ:FTNT opened at $102.88 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a 50 day moving average of $99.77 and a 200-day moving average of $99.59. 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 stock has a market cap of $78.75 billion, a price-to-earnings ratio of 45.52, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.43 EPS. Fortinet’s revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.