Schonfeld Strategic Advisors LLC Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Schonfeld Strategic Advisors LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 83.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,750 shares of the software maker's stock after selling 202,300 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Fortinet were worth $3,756,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. First Hawaiian Bank purchased a new position in shares of Fortinet during the fourth quarter worth $670,000. LVM Capital Management Ltd. MI raised its stake in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after buying an additional 8,707 shares during the last quarter. Trilogy Capital Inc. lifted its holdings in shares of 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 during the period. Dixon Mitchell Investment Counsel Inc. boosted its stake in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after buying an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC acquired a new stake in Fortinet during the fourth quarter worth about $1,690,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 1.9 %

FTNT opened at $106.18 on Friday. The stock has a market capitalization of $81.65 billion, a PE ratio of 46.98, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business's 50 day moving average price is $98.64 and its 200 day moving average price is $96.70.

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

Insider Activity

In other news, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the company'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 transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 576,944 shares of company stock valued at $56,944,064. Company insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FTNT shares. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald dropped their price target on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $106.03.

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.

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