PDT Partners LLC Has $7.70 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

PDT Partners LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,329 shares of the software maker’s stock after buying an additional 24,641 shares during the period. Fortinet accounts for about 0.7% of PDT Partners LLC’s investment portfolio, making the stock its 4th largest position. PDT Partners LLC’s holdings in Fortinet were worth $7,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Marshall Wace LLP increased its holdings in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. FMR LLC increased its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after buying an additional 1,265,162 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 over the last three months. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 1.1 %

Shares of NASDAQ FTNT opened at $95.05 on Friday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $83.96 and a two-hundred day simple moving average of $71.28. The firm has a market cap of $72.85 billion, a PE ratio of 48.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Truist Financial reaffirmed a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Stifel Nicolaus lifted their price objective on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Piper Sandler boosted their target price on shares of Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, BMO Capital Markets increased their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $88.93.

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.