Sendero Wealth Management LLC Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Sendero Wealth Management LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 36.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,873 shares of the software maker’s stock after purchasing an additional 15,027 shares during the period. Fortinet comprises approximately 0.8% of Sendero Wealth Management LLC’s investment portfolio, making the stock its 28th biggest holding. Sendero Wealth Management LLC’s holdings in Fortinet were worth $5,279,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FTNT. State Street Corp boosted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the period. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after buying an additional 68,852 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTNT. Stifel Nicolaus increased their target price on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday. Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Finally, Truist Financial reiterated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Trading Up 0.6 %

Shares of FTNT stock opened at $93.06 on Thursday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock has a market cap of $71.33 billion, a price-to-earnings ratio of 47.00, a PEG ratio of 2.76 and a beta of 1.00. The company’s 50-day moving average price is $95.18 and its 200-day moving average price is $79.91. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 in the last ninety days. 18.00% of the stock is owned by insiders.

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.