Renaissance Technologies LLC Has $436.61 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Renaissance Technologies LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,621,210 shares of the software maker's stock after selling 321,952 shares during the period. Fortinet accounts for approximately 0.6% of Renaissance Technologies LLC's portfolio, making the stock its 16th biggest position. Renaissance Technologies LLC owned about 0.60% of Fortinet worth $436,612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. increased its stake in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC bought a new position in shares of Fortinet during the 4th quarter valued at $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of Fortinet in the 4th quarter valued at $56,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the company'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 transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 328 shares of the stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 in the last three months. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

Fortinet stock traded up $1.41 during mid-day trading on Friday, hitting $97.73. 5,502,704 shares of the company were exchanged, compared to its average volume of 5,074,365. The company 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. The business has a fifty day moving average of $101.72 and a 200 day moving average of $94.72. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FTNT. Morgan Stanley started coverage on Fortinet in a research report on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 price target for the company. Stifel Nicolaus upped their target price on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. Scotiabank lifted their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research report on Friday, February 7th. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $105.77.

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.