Sendero Wealth Management LLC Buys 15,027 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sendero Wealth Management LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 36.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,873 shares of the software maker's stock after buying an additional 15,027 shares during the quarter. Fortinet accounts for 0.8% of Sendero Wealth Management LLC's portfolio, making the stock its 28th largest position. Sendero Wealth Management LLC's holdings in Fortinet were worth $5,279,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC boosted its holdings in Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Marshall Wace LLP grew its position in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Fortinet by 10.3% during the 3rd 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 valued at $448,854,000 after buying an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortinet by 1.8% during the 3rd 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. Institutional investors own 83.71% of the company's stock.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom bought 355 shares of the company's stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value 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. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Up 1.1 %

NASDAQ FTNT traded up $0.99 during trading hours on Thursday, hitting $94.05. 2,905,867 shares of the company were exchanged, compared to its average volume of 4,143,487. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $95.43 and a 200 day moving average price of $80.00. The stock has a market cap of $72.08 billion, a PE ratio of 47.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTNT. Morgan Stanley increased their target price on Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Rosenblatt Securities increased their price objective on shares of Fortinet from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research report on Tuesday, November 19th. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. upped their price objective on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $94.35.

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.