Two Sigma Investments LP Sells 1,004,063 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Two Sigma Investments LP reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 31.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,163,807 shares of the software maker's stock after selling 1,004,063 shares during the period. Two Sigma Investments LP owned 0.28% of Fortinet worth $204,436,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 715,478 shares of company stock worth $71,467,247. Insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday. Wolfe Research started coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating on the stock. Morgan Stanley dropped their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. BMO Capital Markets reduced their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Finally, Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Trading Up 0.8%

FTNT traded up $0.78 during trading on Thursday, reaching $103.62. 3,652,798 shares of the company's stock were exchanged, compared to its average volume of 4,962,726. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a fifty day moving average price of $99.03 and a two-hundred day moving average price of $98.68. The stock has a market capitalization of $79.31 billion, a PE ratio of 45.85, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.