ExodusPoint Capital Management LP Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

ExodusPoint Capital Management LP reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 88.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,975 shares of the software maker's stock after selling 192,204 shares during the period. ExodusPoint Capital Management LP's holdings in Fortinet were worth $2,360,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the 4th quarter valued at about $27,000. Graney & King LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $46,000. Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet during the fourth quarter worth approximately $56,000. Finally, LFA Lugano Financial Advisors SA lifted its holdings in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after purchasing an additional 490 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $1.41 during midday trading on Friday, reaching $97.73. 5,502,704 shares of the company's stock traded hands, compared to its average volume of 5,074,573. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a 50-day moving average price of $101.72 and a two-hundred day moving average price of $94.60. 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 firm has a market capitalization of $75.15 billion, a PE ratio of 43.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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 analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FTNT shares. Citigroup upped their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Cantor Fitzgerald increased their price objective on Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. One 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $105.77.

Insider Buying and Selling

In related news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares of the company's stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company's stock.

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.