Caxton Associates LP Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Caxton Associates LP boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 575.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,664 shares of the software maker's stock after purchasing an additional 15,902 shares during the period. Caxton Associates LP's holdings in Fortinet were worth $1,763,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. lifted its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on FTNT. Robert W. Baird restated a "neutral" rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Rosenblatt Securities upped their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Cantor Fitzgerald cut their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Citigroup increased their price objective on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Finally, Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average target price of $106.03.

Fortinet Trading Up 2.4 %

NASDAQ FTNT opened at $108.69 on Tuesday. The firm's 50 day moving average price is $98.64 and its two-hundred day moving average price is $97.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a market cap of $83.12 billion, a price-to-earnings ratio of 48.09, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock valued at $74,135,907 over the last three months. 18.00% of the stock is owned by corporate insiders.

Fortinet 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.

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