Numerai GP LLC Has $1.88 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Numerai GP LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,875 shares of the software maker’s stock after selling 608 shares during the quarter. Numerai GP LLC’s holdings in Fortinet were worth $1,878,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Stephens assumed coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective on the stock. Stifel Nicolaus lowered their price objective on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. KeyCorp cut their target price on Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Finally, Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.80.

Fortinet Trading Up 2.9%

FTNT stock opened at $105.05 on Wednesday. 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 twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $80.33 billion, a P/E ratio of 46.48, a PEG ratio of 4.19 and a beta of 1.16. The business has a fifty day moving average of $98.23 and a 200-day moving average of $97.80.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This trade represents a 78.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 738,978 shares of company stock worth $74,135,907 over the last ninety days. Company insiders own 17.20% 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.