Fortinet, Inc. (NASDAQ:FTNT) Position Reduced by Two Sigma Advisers LP

Two Sigma Advisers LP reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 26.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,661,920 shares of the software maker's stock after selling 1,647,900 shares during the period. Fortinet accounts for about 1.0% of Two Sigma Advisers LP's investment portfolio, making the stock its 17th largest position. Two Sigma Advisers LP owned 0.61% of Fortinet worth $440,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of FTNT. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Milestone Asset Management LLC acquired a new position in Fortinet during the fourth quarter valued at approximately $1,690,000. Proficio Capital Partners LLC grew its stake in Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after buying an additional 544,357 shares during the period. Jackson Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter worth $4,731,000. Finally, YHB Investment Advisors Inc. raised its stake in shares of Fortinet by 5.0% in the 4th quarter. YHB Investment Advisors Inc. now owns 65,797 shares of the software maker's stock valued at $6,217,000 after acquiring an additional 3,149 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FTNT shares. Rosenblatt Securities upped their price target 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. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Cantor Fitzgerald dropped their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Morgan Stanley lowered their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $104.80.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 715,478 shares of company stock worth $71,467,247. 17.20% of the stock is owned by insiders.

Fortinet Stock Performance

NASDAQ FTNT traded down $0.41 during trading hours on Friday, reaching $103.21. The company's stock had a trading volume of 2,801,015 shares, compared to its average volume of 4,965,573. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a 50-day simple moving average of $99.16 and a 200 day simple moving average of $98.85. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap of $79.00 billion, a PE ratio of 45.67, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results 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. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the firm earned $0.43 EPS. The business's quarterly revenue was up 13.8% on a year-over-year basis. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.