PDT Partners LLC Sells 23,776 Shares of Fortinet, Inc. $FTNT

Key Points

• PDT Partners LLC reduced its stake in Fortinet, Inc. by 26.0%, owning 67,514 shares valued at approximately $6.5 million after selling 23,776 shares in the first quarter.
• Analysts have mixed views on Fortinet, with target prices between $85.00 and $110.00, while the company's consensus rating stands at "Hold" with an average target price of $97.40.
• Fortinet reported a 13.6% year-over-year revenue increase, with earnings per share of $0.64 for the last quarter, surpassing estimates of $0.59.

PDT Partners LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 26.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 67,514 shares of the software maker's stock after selling 23,776 shares during the quarter. PDT Partners LLC's holdings in Fortinet were worth $6,499,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Saudi Central Bank bought a new stake in Fortinet in the first quarter valued at $25,000. SJS Investment Consulting Inc. lifted its stake in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new stake in Fortinet in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd lifted its stake in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares during the last quarter. Finally, ORG Partners LLC lifted its stake in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Fortinet stock traded down $0.35 during midday trading on Wednesday, hitting $76.58. The company's stock had a trading volume of 4,853,852 shares, compared to its average volume of 11,358,018. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock's 50-day moving average price is $93.65 and its 200-day moving average price is $98.64. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $58.68 billion, a PE ratio of 30.51, a price-to-earnings-growth ratio of 2.98 and a beta of 1.12.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet's revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Mizuho cut their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets cut their price objective on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Finally, Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $97.03.

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.