Fortinet Inc (FTNT): Are Hedge Funds Right About This Stock?

As industrywide interest jumped, key hedge funds have been driving this bullishness. Ivory Capital (Investment Mgmt), managed by Curtis Macnguyen, created the most outsized position in Fortinet Inc (NASDAQ:FTNT). Ivory Capital (Investment Mgmt) had $24.8 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made an $19.7 million investment in the stock during the quarter. The other funds with brand new FTNT positions are Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners, Dmitry Balyasny’s Balyasny Asset Management, and Peter Muller’s PDT Partners.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Fortinet Inc (NASDAQ:FTNT) but similarly valued. These stocks are Restaurant Brands International Inc (NYSE:QSR), Sunoco Logistics Partners L.P. (NYSE:SXL), The Cooper Companies, Inc. (NYSE:COO), and VimpelCom Ltd (ADR) (NYSE:VIP). This group of stocks’ market caps match FTNT’s market cap.

As you can see these stocks had an average of 19.75 hedge funds with bullish positions and the average amount invested in these stocks was $793 million. That figure was $371 million in FTNT’s case. Restaurant Brands International Inc (NYSE:QSR) is the most popular stock in this table. On the other hand Sunoco Logistics Partners L.P. (NYSE:SXL) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Fortinet Inc (NASDAQ:FTNT) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.