Adage Capital Partners GP L.L.C. Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Adage Capital Partners GP L.L.C. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 534,390 shares of the software maker's stock after selling 4,000 shares during the period. Adage Capital Partners GP L.L.C. owned 0.07% of Fortinet worth $50,489,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FTNT. Anchor Investment Management LLC boosted its stake in shares of Fortinet by 4.2% in the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker's stock worth $3,565,000 after acquiring an additional 1,866 shares during the period. Pine Valley Investments Ltd Liability Co bought a new position in Fortinet during the 3rd quarter valued at about $9,818,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Fortinet in the third quarter worth approximately $280,000. Optimist Retirement Group LLC bought a new stake in shares of Fortinet during the third quarter worth $394,000. Finally, Tidal Investments LLC increased its position in shares of Fortinet by 311.3% during the third quarter. Tidal Investments LLC now owns 133,226 shares of the software maker's stock worth $10,332,000 after acquiring an additional 100,832 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT traded up $0.84 during trading hours on Monday, hitting $102.64. The stock had a trading volume of 3,078,961 shares, compared to its average volume of 5,080,402. The firm has a 50-day moving average price of $99.33 and a 200 day moving average price of $96.05. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. 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 $78.93 billion, a price-to-earnings ratio of 45.42, a PEG ratio of 4.19 and a beta of 1.09.

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

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research reports. Stephens started coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Scotiabank raised their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research note on Friday, February 7th. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty-one have given 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, the stock currently has an average rating of "Hold" and an average price target of $104.77.

Insider Activity at Fortinet

In other news, Director William H. Neukom acquired 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is owned by company insiders.

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.