Voleon Capital Management LP Sells 33,187 Shares of Fortinet, Inc. $FTNT

Key Points

• Voleon Capital Management LP has reduced its holdings in Fortinet, Inc. by 43.2%, selling 33,187 shares and now owning 43,618 shares valued at approximately $4.2 million.
• In contrast, other investors like Vanguard Group Inc. have increased their stakes in Fortinet, now owning over 71 million shares worth nearly $6.9 billion.
• Fortinet's stock has a current market price of $78.83 with a market capitalization of around $60.41 billion, while analysts have set varied price targets between $75 and $105.

Voleon Capital Management LP reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 43.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,618 shares of the software maker's stock after selling 33,187 shares during the quarter. Voleon Capital Management LP's holdings in Fortinet were worth $4,199,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. Saudi Central Bank bought a new stake in Fortinet in the first quarter worth about $25,000. SJS Investment Consulting Inc. raised its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares in the last quarter. Clearstead Trust LLC bought a new stake in Fortinet in the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its position 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 worth $29,000 after acquiring an additional 284 shares in the last quarter. Finally, ORG Partners LLC raised its position in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Erste Group Bank cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 14th. DZ Bank upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price target on the stock in a research report on Friday, August 8th. Citigroup reiterated a "neutral" rating and issued a $85.00 price target (down from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Cowen downgraded Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Scotiabank cut their price objective on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report 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 assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $97.03.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,486 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 $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Down 1.5%

NASDAQ:FTNT traded down $1.21 on Friday, hitting $79.68. 4,424,982 shares of the company's stock traded hands, compared to its average volume of 7,396,253. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a 50-day moving average price of $89.66 and a 200-day moving average price of $96.85. The company has a market cap of $61.06 billion, a PE ratio of 31.75, a price-to-earnings-growth ratio of 3.05 and a beta of 1.12.

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