Source: Yahoo Finance
“Is Fortinet Inc. a good investment right now?…Fortinet Inc has experienced an increase in hedge fund sentiment lately. FTNT was in 28 hedge funds’ portfolios at the end of the third quarter of 2018… Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices…At the end of the third quarter, a total of 28 of the hedge funds tracked by Insider Monkey were long this stock, a change of 8% from one quarter earlier… According to Insider Monkey’s hedge fund database, Jim Simons’s Renaissance Technologies has the number one position in Fortinet Inc, worth close to $310.1 million, amounting to 0.3% of its total 13F portfolio. The second largest stake is held by Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, holding a $190.7 million position; the fund has 0.4% of its 13F portfolio invested in the stock. Some other professional money managers that are bullish encompass John Overdeck and David Siegel’s Two Sigma Advisors, Josh Resnick’s Jericho Capital Asset Management and Cliff Asness’s AQR Capital Management…Jericho Capital Asset Management, managed by Josh Resnick, established the most outsized position in Fortinet Inc…$93.3 million invested in the company at the end of the quarter. Lee Ainslie’s Maverick Capital also initiated a $10.1 million position during the quarter. The following funds were also among the new FTNT investors: Mario Gabelli’s GAMCO Investors, D. E. Shaw’s D E Shaw, and Joe DiMenna’s ZWEIG DIMENNA PARTNERS.”
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