Two Sigma Investments LP Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Two Sigma Investments LP cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 31.7% in the 4th quarter, HoldingsChannel reports. The firm owned 2,163,807 shares of the software maker’s stock after selling 1,004,063 shares during the quarter. Two Sigma Investments LP’s holdings in Fortinet were worth $204,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Norges Bank purchased a new position in shares of Fortinet during the 4th quarter valued at $724,048,000. Schroder Investment Management Group purchased a new stake in Fortinet during the fourth quarter valued at about $389,867,000. FMR LLC boosted its position in Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after purchasing an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 206,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. BMO Capital Markets cut their price objective on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a report on Thursday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. The Goldman Sachs Group lifted their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Susquehanna boosted their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, KeyCorp cut their target price on Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $104.80.

Fortinet Stock Up 2.0%

NASDAQ FTNT opened at $104.59 on Monday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a market capitalization of $80.05 billion, a PE ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. 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 business’s 50-day moving average is $98.53 and its 200 day moving average is $98.43.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $0.43 EPS. 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.