Woodline Partners LP Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Woodline Partners LP lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 97.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,265 shares of the software maker's stock after selling 576,776 shares during the period. Woodline Partners LP's holdings in Fortinet were worth $1,253,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter worth about $27,000. Oarsman Capital Inc. lifted its stake in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $43,000. Banque Transatlantique SA purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC purchased a new position in Fortinet in the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 697,818 shares of company stock worth $69,539,128 in the last three months. Insiders own 17.20% of the company's stock.

Fortinet Price Performance

Fortinet stock traded down $0.32 during midday trading on Friday, reaching $101.72. 946,169 shares of the stock traded hands, compared to its average volume of 4,957,662. The stock has a market cap of $77.86 billion, a P/E ratio of 44.84, a PEG ratio of 4.19 and a beta of 1.16. The stock's fifty day moving average is $99.68 and its 200-day moving average is $99.45. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Wolfe Research started coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Jefferies Financial Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, KeyCorp decreased their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $104.80.

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.