Renaissance Technologies LLC Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Renaissance Technologies LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,026,394 shares of the software maker’s stock after purchasing an additional 657,400 shares during the period. Fortinet comprises approximately 0.5% of Renaissance Technologies LLC’s holdings, making the stock its 21st largest holding. Renaissance Technologies LLC owned approximately 0.66% of Fortinet worth $302,941,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Parallel Advisors LLC increased its stake in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the period. Simplicity Wealth LLC increased its stake in shares of Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after buying an additional 180 shares during the period. Werlinich Asset Management LLC increased its stake in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after buying an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC increased its stake in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $75.01 on Monday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08. The stock has a fifty day moving average of $67.27 and a 200-day moving average of $64.98. The company has a market capitalization of $57.30 billion, a PE ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold 72,672 shares of company stock worth $4,573,864 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Scotiabank raised their price objective on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. Robert W. Baird raised their price objective on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $71.57.

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.