ExodusPoint Capital Management LP Sells 192,204 Shares of Fortinet, Inc. (NASDAQ:FTNT)

ExodusPoint Capital Management LP cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 88.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,975 shares of the software maker’s stock after selling 192,204 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Fortinet were worth $2,360,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the fourth quarter valued at approximately $27,000. Graney & King LLC bought a new position in shares of Fortinet in the 4th quarter worth $43,000. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter valued at $46,000. Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the 4th quarter valued at $56,000. Finally, LFA Lugano Financial Advisors SA raised its holdings in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Wells Fargo & Company raised their target price on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Stephens assumed coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target for the company. Finally, Rosenblatt Securities raised their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.77.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the business’s 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 completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom purchased 328 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 3.9 %

FTNT stock opened at $88.00 on Tuesday. The stock has a 50-day simple moving average of $102.41 and a two-hundred day simple moving average of $94.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market capitalization of $67.67 billion, a PE ratio of 38.94, a PEG ratio of 4.19 and a beta of 1.09. 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 (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 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%. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.