Trexquant Investment LP Sells 68,001 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Trexquant Investment LP lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 583,776 shares of the software maker’s stock after selling 68,001 shares during the quarter. Fortinet makes up about 0.6% of Trexquant Investment LP’s holdings, making the stock its 3rd largest holding. Trexquant Investment LP owned 0.08% of Fortinet worth $55,155,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Manchester Capital Management LLC lifted its holdings in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Fielder Capital Group LLC boosted its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its stake in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after acquiring an additional 116 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. Jefferies Financial Group reduced their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday. Royal Bank of Canada upped their price objective on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Cantor Fitzgerald raised their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. UBS Group set a $123.00 price target on Fortinet in a research note on Tuesday, March 18th. Finally, Morgan Stanley started coverage on shares of Fortinet in a report on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 target price for the company. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $105.69.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Down 0.4 %

FTNT opened at $96.26 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market capitalization of $74.02 billion, a P/E ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50 day simple moving average of $103.01 and a 200-day simple moving average of $93.53.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.