Adage Capital Partners GP L.L.C. Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Adage Capital Partners GP L.L.C. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 534,390 shares of the software maker's stock after selling 4,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.07% of Fortinet worth $50,489,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. First Hawaiian Bank purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI increased its holdings in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Trilogy Capital Inc. raised its position 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 valued at $2,220,000 after buying an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its holdings in shares of Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock valued at $28,343,000 after acquiring an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC bought a new stake in Fortinet during the fourth quarter worth approximately $1,690,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT traded down $1.37 during trading hours on Wednesday, hitting $102.84. 1,322,395 shares of the company were exchanged, compared to its average volume of 5,063,326. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company's 50 day moving average price is $98.89 and its 200-day moving average price is $96.24. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $79.08 billion, a price-to-earnings ratio of 45.51, a PEG ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on FTNT shares. Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Jefferies Financial Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Royal Bank of Canada raised their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Friday, February 7th. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Raymond James restated a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $104.77.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 576,944 shares of company stock valued at $56,944,064 over the last ninety days. Company insiders own 18.00% of the company's stock.

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.