Highland Capital Management LP Has Trimmed Its Fortinet INC (FTNT) Position by $37.60 Million

August 9, 2018 - By Carolyn Hewitt

Fortinet, Inc. (NASDAQ:FTNT) Logo

Highland Capital Management Lp decreased its stake in Fortinet Inc (FTNT) by 55.04% based on its latest 2018Q1 regulatory filing with the SEC. Highland Capital Management Lp sold 709,425 shares as the company’s stock rose 19.97% while stock markets declined. The hedge fund held 579,580 shares of the technology company at the end of 2018Q1, valued at $31.05M, down from 1.29 million at the end of the previous reported quarter. Highland Capital Management Lp who had been investing in Fortinet Inc for a number of months, seems to be less bullish one the $12.59 billion market cap company. The stock increased 1.92% or $1.4 during the last trading session, reaching $74.45. About 219,417 shares traded. Fortinet, Inc. (NASDAQ:FTNT) has risen 52.26% since August 9, 2017 and is uptrending. It has outperformed by 39.69% the S&P500.

Highland Capital Management Lp, which manages about $15.04B and $1.94B US Long portfolio, upped its stake in Select Sector Spdr Tr (Put) (XLV) by 210,000 shares to 310,000 shares, valued at $25.23 million in 2018Q1, according to the filing. It also increased its holding in Pioneer Nat Res Co (NYSE:PXD) by 25,857 shares in the quarter, for a total of 70,200 shares, and has risen its stake in Bio Rad Labs Inc (NYSE:BIO).

Analysts await Fortinet, Inc. (NASDAQ:FTNT) to report earnings on October, 25. They expect $0.24 earnings per share, up 50.00 % or $0.08 from last year’s $0.16 per share. FTNT’s profit will be $40.59 million for 77.55 P/E if the $0.24 EPS becomes a reality. After $0.23 actual earnings per share reported by Fortinet, Inc. for the previous quarter, Wall Street now forecasts 4.35 % EPS growth.

More notable recent Fortinet, Inc. (NASDAQ:FTNT) news were published by: Seekingalpha.com which released: “Analysts boost Fortinet targets after impressive earnings” on August 02, 2018, also Nasdaq.com with their article: “Fortinet is the Only Vendor with Security Capabilities to Receive SD-WAN Recommended Rating in the First NSS Labs …” published on August 09, 2018, Nasdaq.com published: “Fortinet Signs Cyber Threat Information Sharing Agreement with IBM” on August 07, 2018. More interesting news about Fortinet, Inc. (NASDAQ:FTNT) were released by: Globenewswire.com and their article: “Fortinet Reports Second Quarter 2018 Financial Results” published on August 01, 2018 as well as Nasdaq.com‘s news article titled: “Fortinet Expands Security Fabric Offerings on Google Cloud Platform to Enable Consistent Protection Across Hybrid …” with publication date: July 23, 2018.

Fortinet, Inc. (NASDAQ:FTNT) Ratings Coverage

Among 17 analysts covering Fortinet (NASDAQ:FTNT), 6 have Buy rating, 1 Sell and 10 Hold. Therefore 35% are positive. Fortinet had 30 analyst reports since February 28, 2018 according to SRatingsIntel. The rating was maintained by Credit Suisse on Friday, May 4 with “Underperform”. As per Friday, May 4, the company rating was maintained by BMO Capital Markets. The firm has “Buy” rating given on Friday, May 4 by Piper Jaffray. The rating was maintained by Morgan Stanley on Friday, August 3 with “Equal-Weight”. The rating was maintained by Credit Suisse on Thursday, August 2 with “Underperform”. The firm has “Market Perform” rating given on Tuesday, June 19 by Cowen & Co. On Friday, May 4 the stock rating was maintained by Morgan Stanley with “Equal-Weight”. On Wednesday, February 28 the stock rating was maintained by Piper Jaffray with “Buy”. The stock of Fortinet, Inc. (NASDAQ:FTNT) earned “Buy” rating by KeyBanc Capital Markets on Thursday, March 1. On Wednesday, April 11 the stock rating was downgraded by Morgan Stanley to “Equal-Weight”.

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