Worldquant Millennium Advisors LLC Sells 120,755 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Worldquant Millennium Advisors LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 8.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,337,103 shares of the software maker’s stock after selling 120,755 shares during the period. Fortinet comprises approximately 0.8% of Worldquant Millennium Advisors LLC’s investment portfolio, making the stock its 18th biggest position. Worldquant Millennium Advisors LLC owned approximately 0.17% of Fortinet worth $126,329,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. increased its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC bought a new position in Fortinet during the 4th quarter worth approximately $43,000. Banque Transatlantique SA bought a new position in Fortinet during the 4th quarter worth approximately $43,000. Finally, Golden State Wealth Management LLC bought a new position in Fortinet during the 4th quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 738,978 shares of company stock worth $74,135,907. Insiders own 17.20% of the company’s stock.

Fortinet Stock Up 0.2%

FTNT opened at $104.75 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. The company’s 50-day moving average is $98.67 and its 200 day moving average is $98.61. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm has a market capitalization of $80.18 billion, a P/E ratio of 46.35, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm earned $0.43 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on FTNT. Cantor Fitzgerald decreased their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company decreased their price objective on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. Finally, Stephens began coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective for the company. One 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Company 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.