Sei Investments Co. Has $6.19 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Sei Investments Co. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 26.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,658 shares of the software maker’s stock after selling 36,235 shares during the quarter. Sei Investments Co.’s holdings in Fortinet were worth $6,186,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vima LLC acquired a new position in shares of Fortinet during the fourth quarter worth approximately $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the first quarter worth $25,000. Rise Advisors LLC lifted its stake in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC bought a new position in Fortinet in the fourth quarter valued at about $32,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter worth about $33,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock worth $6,337,801 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT opened at $77.55 on Tuesday. The stock has a market capitalization of $59.24 billion, a price-to-earnings ratio of 50.69, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.18. The firm has a fifty day simple moving average of $71.09 and a 200 day simple moving average of $65.45. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS. Research analysts forecast that Fortinet, Inc. will post 1.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FTNT shares. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. BMO Capital Markets lifted their target price on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. UBS Group lifted their price objective on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company increased their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $71.57.

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.