Fortinet, Inc. (NASDAQ:FTNT) Position Lessened by PDT Partners LLC

PDT Partners LLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,290 shares of the software maker's stock after selling 8,039 shares during the period. Fortinet accounts for 0.8% of PDT Partners LLC's portfolio, making the stock its 4th largest holding. PDT Partners LLC's holdings in Fortinet were worth $8,625,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FTNT. Norges Bank purchased a new position in Fortinet during the fourth quarter valued at $724,048,000. Schroder Investment Management Group purchased a new position in shares of Fortinet during the fourth quarter valued at about $389,867,000. FMR LLC increased its holdings in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after purchasing an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $0.45 on Thursday, hitting $104.21. The company had a trading volume of 4,085,679 shares, compared to its average volume of 5,077,152. The company has a market cap of $80.13 billion, a PE ratio of 46.11, a PEG ratio of 4.19 and a beta of 1.09. The business has a 50 day moving average of $98.68 and a 200 day moving average of $96.44. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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 (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on FTNT. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price for the company. Wells Fargo & Company upped their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Rosenblatt Securities boosted their target price on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $104.77.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 328 shares of the stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock valued at $56,944,064 over the last quarter. Company insiders own 18.00% of the company's stock.

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.