Hound Partners LLC Has $80.80 Million Holdings in Fortinet Inc (FTNT)

Hound Partners LLC lessened its stake in Fortinet Inc (NASDAQ:FTNT) by 71.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,849,445 shares of the software maker’s stock after selling 4,724,396 shares during the period. Fortinet comprises about 2.2% of Hound Partners LLC’s investment portfolio, making the stock its 15th largest position. Hound Partners LLC’s holdings in Fortinet were worth $80,802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Dimensional Fund Advisors LP grew its position in shares of Fortinet by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 259,916 shares of the software maker’s stock valued at $9,732,000 after buying an additional 4,124 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Fortinet in the 3rd quarter valued at about $531,000. Victory Capital Management Inc. bought a new stake in shares of Fortinet in the 3rd quarter valued at about $1,300,000. Canada Pension Plan Investment Board grew its position in shares of Fortinet by 16.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 64,100 shares of the software maker’s stock valued at $2,297,000 after buying an additional 9,000 shares during the last quarter. Finally, Andra AP fonden grew its position in shares of Fortinet by 36.1% in the 3rd quarter. Andra AP fonden now owns 36,200 shares of the software maker’s stock valued at $1,297,000 after buying an additional 9,600 shares during the last quarter. Hedge funds and other institutional investors own 68.77% of the company’s stock.

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FTNT has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Tuesday, December 12th. Barclays upped their target price on Fortinet from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 6th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, February 13th. Monness Crespi & Hardt restated a “buy” rating and set a $56.00 target price (up previously from $50.00) on shares of Fortinet in a research report on Wednesday, February 28th. Finally, Deutsche Bank lowered Fortinet from a “buy” rating to a “hold” rating and set a $46.00 target price on the stock. in a research report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. Fortinet currently has an average rating of “Buy” and an average target price of $48.96.

In other news, VP Michael Xie sold 19,790 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $45.30, for a total value of $896,487.00. Following the completion of the sale, the vice president now directly owns 7,181 shares of the company’s stock, valued at $325,299.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Whittle sold 624 shares of the stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $54.44, for a total value of $33,970.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,939 shares of company stock valued at $7,733,246. Company insiders own 17.00% of the company’s stock.

Fortinet Inc (NASDAQ FTNT) opened at $54.00 on Wednesday. Fortinet Inc has a 52 week low of $35.44 and a 52 week high of $54.95. The firm has a market capitalization of $9,187.56, a P/E ratio of 319.12, a P/E/G ratio of 4.39 and a beta of 0.73.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $416.70 million for the quarter, compared to the consensus estimate of $409.04 million. Fortinet had a return on equity of 11.77% and a net margin of 2.10%. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 EPS. equities research analysts predict that Fortinet Inc will post 0.74 EPS for the current year.

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About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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