Trexquant Investment LP Sells 505,754 Shares of Fortinet, Inc. $FTNT
Trexquant Investment LP has significantly reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 86.6%, selling 505,754 shares in the first quarter, leaving it with 78,022 shares valued at approximately $7.51 million. Other institutional investors have also adjusted their positions in Fortinet. The company's stock opened at $78.77, with a market cap of $60.36 billion and a PE ratio of 31.38. Fortinet reported earnings of $0.64 per share, exceeding estimates, with revenue of $1.63 billion for the quarter, reflecting a 13.6% year-over-year increase.
Trexquant Investment LP decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 86.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 78,022 shares of the software maker's stock after selling 505,754 shares during the period. Trexquant Investment LP's holdings in Fortinet were worth $7,510,000 at the end of the most recent reporting period.
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Several other institutional investors and hedge funds also recently made changes to their positions in the business. Hemington Wealth Management raised its position in shares of Fortinet by 16.6% during the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock valued at $72,000 after acquiring an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Fortinet by 0.9% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after buying an additional 107 shares during the period. Eagle Capital Management LLC grew its holdings in shares of Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares during the period. ORG Partners LLC grew its holdings in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. Finally, Bogart Wealth LLC grew its holdings in shares of Fortinet by 37.3% in the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock valued at $40,000 after buying an additional 112 shares during the period. Institutional investors own 83.71% of the company's stock.
Insider Transactions at Fortinet
In other Fortinet news, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.
Fortinet Price Performance
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Shares of NASDAQ FTNT opened at $78.77 on Friday. The firm has a market cap of $60.36 billion, a PE ratio of 31.38, a PEG ratio of 2.98 and a beta of 1.07. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a fifty day moving average price of $94.69 and a 200 day moving average price of $99.10.
Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.
Analyst Ratings Changes
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FTNT has been the subject of several research analyst reports. Barclays decreased their price target on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Mizuho decreased their price target on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a report on Thursday, August 7th. Evercore ISI decreased their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. Robert W. Baird boosted their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $97.40.
Check Out Our Latest Report on Fortinet
Fortinet Company Profile
(Free Report)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.
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