Fortinet, Inc.
US ˙ NasdaqGS ˙ US34959E1091

SecurityFTNT / Fortinet, Inc.
InstitutionCutler Group LP
Latest Disclosed Ownership2,798 shares
Latest Disclosed Value $ 191
Cutler Group LP ownership in FTNT / Fortinet, Inc.

On April 19, 2024 - Cutler Group LP filed a 13F-HR form disclosing ownership of 2,798 shares of Fortinet, Inc. (US:FTNT) valued at $191,131 USD as of March 31, 2024. The entity filed a previous 13F-HR on January 18, 2024 disclosing 1,868 shares of Fortinet, Inc.. The current value of the position is $404,815 USD.

Cutler Group LP has a history of taking positions in derivatives of the underlying security (FTNT) in the form of stock options. The firm currently holds call options representing 2,200 of underlying shares valued at $41 USD and put options representing 1,200 of underlying shares valued at $11 USD .

Note: prior versions of this page mistakenly stated that the share values represented the number of options, not the number of underlying shares. For more information on the data backing these reports, please see the SEC document Frequently Asked Questions About Form 13F.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Institutional Put/Call Ratios
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In addition to reporting standard equity and debt issues, institutions with more than 100MM assets under management must also disclose their put and call option holdings. Since put options generally indicate negative sentiment, and call options indicate positive sentiment, we can get a sense of the overall institutional sentiment by plotting the ratio of puts to calls. The chart to the right plots the historical put/call ratio for this instrument.

Using Put/Call Ratio as an indicator of investor sentiment overcomes one of the key deficiencies of using total institutional ownership, which is that a significant amount of assets under management are invested passively to track indices. Passively-managed funds do not typically buy options, so the put/call ratio indicator more closely tracks the sentiment of actively-managed funds.

FTNT / Fortinet, Inc. Historical Put/Call Ratio
Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2024-04-19 2024-03-31 13F FORTINET COM 34959E109 2,798 930 49.79 0 0.0621
2024-01-18 2023-12-31 13F FORTINET COM 34959E109 1,868 -3,971 -68.01 0 0.0097
2023-11-07 2023-09-30 13F FORTINET COM 34959E109 5,839 4,364 295.86 0 0.0351
2023-07-18 2023-06-30 13F FORTINET COM 34959E109 1,475 -11,683 -88.79 0 0.0154
2023-05-01 2023-03-31 13F FORTINET COM 34959E109 13,158 6,201 89.13 1 0.0908
2023-02-07 2022-12-31 13F FORTINET COM 34959E109 6,957 1,113 19.05 0 -100.00 0.0288
2022-10-25 2022-09-30 13F FORTINET COM 34959E109 5,844 5,095 680.24 287 583.33 0.0196
2022-08-04 2022-06-30 13F FORTINET COM 34959E109 749 -140 -15.75 42 -86.14 0.0029
2022-04-14 2022-03-31 13F FORTINET COM 34959E109 889 -694 -43.84 303 -46.65 0.0160
2022-01-18 2021-12-31 13F FORTINET COM 34959E109 1,583 -2,617 -62.31 568 -53.67 0.0238
2021-10-26 2021-09-30 13F FORTINET COM 34959E109 4,200 4,152 8,650.00 1,226 11,045.45 0.0551
2021-07-19 2021-06-30 13F FORTINET COM 34959E109 48 -226 -82.48 11 -78.00 0.0005
2021-04-26 2021-03-31 13F FORTINET COM 34959E109 274 -2,827 -91.16 50 -89.13 0.0025
2021-01-21 2020-12-31 13F FORTINET COM 34959E109 3,101 2,500 415.97 460 557.14 0.0219
2020-10-27 2020-09-30 13F FORTINET COM 34959E109 601 -42 -6.53 70 -20.45 0.0043
2020-07-22 2020-06-30 13F FORTINET COM 34959E109 643 643 88 0.0058
2020-05-07 2020-03-31 13F FORTINET COM 34959E109 0 -14,601 -100.00 0 -100.00
2020-02-06 2019-12-31 13F FORTINET COM 34959E109 14,601 14,452 9,699.33 1,558 14,063.64 0.0954
2019-10-28 2019-09-30 13F FORTINET COM 34959E109 149 -8,282 -98.23 11 -98.30 0.0010
2019-08-09 2019-06-30 13F FORTINET COM 34959E109 8,431 6,618 365.03 647 325.66 0.0601
2019-05-10 2019-03-31 13F FORTINET COM 34959E109 1,813 -21,862 -92.34 152 -90.88 0.0158
2019-02-05 2018-12-31 13F FORTINET COM 34959E109 23,675 17,962 314.41 1,667 216.32 0.1582
2018-11-07 2018-09-30 13F FORTINET COM 34959E109 5,713 -685 -10.71 527 32.08 0.0366
2018-08-10 2018-06-30 13F FORTINET COM 34959E109 6,398 5,006 359.63 399 439.19 0.0318
2018-05-11 2018-03-31 13F FORTINET COM 34959E109 1,392 -2,293 -62.23 74 -53.75 0.0064
2018-01-17 2017-12-31 13F FORTINET COM 34959E109 3,685 1,655 81.53 160 122.22 0.0065
2017-10-17 2017-09-30 13F FORTINET COM 34959E109 2,030 -1,347 -39.89 72 -42.86 0.0027
2017-07-11 2017-06-30 13F FORTINET COM 34959E109 3,377 -2,519 -42.72 126 -44.25 0.0047
2017-04-11 2017-03-31 13F FORTINET COM 34959E109 5,896 -2,267 -27.77 226 -7.76 0.0094
2017-01-12 2016-12-31 13F FORTINET COM 34959E109 8,163 7,880 2,784.45 245 2,350.00 0.0088
2016-10-11 2016-09-30 13F FORTINET COM 34959E109 283 -566 -66.67 10 -61.54 0.0004
2016-07-12 2016-06-30 13F FORTINET COM 34959E109 849 849 0.00 26 0.0013
2016-06-08 2016-03-31 13F FORTINET COM 34959E109 0 -22,864 -100.00 0 -100.00
2016-06-07 2015-12-31 13F FORTINET COM 34959E109 22,864 22,864 712 0.0397
Disclosed Call Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share
Price		 Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2024-04-19 2024-03-31 13F FORTINET Call Call 2,200 -93.37 0 n/a n/a n/a
2024-01-18 2023-12-31 13F FORTINET Call Call 33,200 70.26 0 n/a n/a n/a
2023-11-07 2023-09-30 13F FORTINET Call Call 19,500 14.04 0 n/a n/a n/a
2023-07-18 2023-06-30 13F FORTINET Call Call 17,100 147.83 0 n/a n/a n/a
2023-05-01 2023-03-31 13F FORTINET Call Call 6,900 -71.60 0 n/a n/a n/a
2023-02-07 2022-12-31 13F FORTINET Call Call 24,300 182.56 0 -100.00 n/a n/a n/a
2022-10-25 2022-09-30 13F FORTINET Call Call 8,600 28.36 36 -49.30 n/a n/a n/a
2022-08-04 2022-06-30 13F FORTINET Call Call 6,700 191.30 71 -28.28 n/a n/a n/a
2022-04-14 2022-03-31 13F FORTINET Call Call 2,300 -62.30 99 -45.90 n/a n/a n/a
2022-01-18 2021-12-31 13F FORTINET Call Call 6,100 60.53 183 251.92 n/a n/a n/a
2021-10-26 2021-09-30 13F FORTINET Call Call 3,800 1,166.67 52 5,100.00 n/a n/a n/a
2021-07-19 2021-06-30 13F FORTINET Call Call 300 -94.23 1 -97.96 n/a n/a n/a
2021-04-26 2021-03-31 13F FORTINET Call Call 5,200 642.86 49 133.33 n/a n/a n/a
2021-01-21 2020-12-31 13F FORTINET Call Call 700 -95.62 21 0.00 n/a n/a n/a
2020-10-27 2020-09-30 13F FORTINET Call Call 16,000 1,354.55 21 16.67 n/a n/a n/a
2020-07-22 2020-06-30 13F FORTINET Call Call 1,100 -15.38 18 12.50 n/a n/a n/a
2020-05-07 2020-03-31 13F FORTINET Call Call 1,300 -79.37 16 -30.43 n/a n/a n/a
2020-02-06 2019-12-31 13F FORTINET Call Call 6,300 2,000.00 23 2,200.00 n/a n/a n/a
2019-10-28 2019-09-30 13F FORTINET Call Call 300 -62.50 1 0.00 n/a n/a n/a
2019-08-09 2019-06-30 13F FORTINET Call Call 800 -95.06 1 -97.14 n/a n/a n/a
2019-05-10 2019-03-31 13F FORTINET Call Call 16,200 285.71 35 288.89 n/a n/a n/a
2019-02-05 2018-12-31 13F FORTINET Call Call 4,200 -70.63 9 -90.62 n/a n/a n/a
2018-11-07 2018-09-30 13F FORTINET Call Call 14,300 1,942.86 96 3,100.00 n/a n/a n/a
2018-08-10 2018-06-30 13F FORTINET Call Call 700 133.33 3 200.00 n/a n/a n/a
2018-05-11 2018-03-31 13F FORTINET Call Call 300 -94.55 1 -90.00 n/a n/a n/a
2018-01-17 2017-12-31 13F FORTINET Call Call 5,500 1,733.33 10 n/a n/a n/a
2017-10-17 2017-09-30 13F FORTINET Call Call 300 -95.65 0 -100.00 n/a n/a n/a
2017-07-11 2017-06-30 13F FORTINET Call Call 6,900 430.77 2 -50.00 n/a n/a n/a
2017-04-11 2017-03-31 13F FORTINET Call Call 1,300 -93.81 4 -83.33 n/a n/a n/a
2017-01-12 2016-12-31 13F FORTINET Call Call 21,000 156.10 24 700.00 n/a n/a n/a
2016-10-11 2016-09-30 13F FORTINET Call Call 8,200 148.48 3 0.00 n/a n/a n/a
2016-07-12 2016-06-30 13F FORTINET Call Call 3,300 -34.00 3 -62.50 n/a n/a n/a
2016-06-08 2016-03-31 13F FORTINET COM Call 5,000 85.19 8 n/a n/a n/a
2016-06-07 2015-12-31 13F FORTINET COM Call 2,700 0 n/a n/a n/a
Disclosed Put Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share Price Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2024-04-19 2024-03-31 13F FORTINET Put Put 1,200 -93.44 0 n/a n/a n/a
2024-01-18 2023-12-31 13F FORTINET Put Put 18,300 -33.45 0 n/a n/a n/a
2023-11-07 2023-09-30 13F FORTINET Put Put 27,500 4.17 0 n/a n/a n/a
2023-07-18 2023-06-30 13F FORTINET Put Put 26,400 -27.47 0 n/a n/a n/a
2023-05-01 2023-03-31 13F FORTINET Put Put 36,400 70.09 0 n/a n/a n/a
2023-02-07 2022-12-31 13F FORTINET Put Put 21,400 79.83 0 -100.00 n/a n/a n/a
2022-10-25 2022-09-30 13F FORTINET Put Put 11,900 25.26 192 28.00 n/a n/a n/a
2022-08-04 2022-06-30 13F FORTINET Put Put 9,500 313.04 150 3,650.00 n/a n/a n/a
2022-04-14 2022-03-31 13F FORTINET Put Put 2,300 -30.30 4 -20.00 n/a n/a n/a
2022-01-18 2021-12-31 13F FORTINET Put Put 3,300 -10.81 5 -86.49 n/a n/a n/a
2021-10-26 2021-09-30 13F FORTINET Put Put 3,700 32.14 37 516.67 n/a n/a n/a
2021-07-19 2021-06-30 13F FORTINET Put Put 2,800 154.55 6 500.00 n/a n/a n/a
2021-04-26 2021-03-31 13F FORTINET Put Put 1,100 -31.25 1 0.00 n/a n/a n/a
2021-01-21 2020-12-31 13F FORTINET Put Put 1,600 -65.22 1 -98.00 n/a n/a n/a
2020-10-27 2020-09-30 13F FORTINET Put Put 4,600 1,433.33 50 4,900.00 n/a n/a n/a
2020-07-22 2020-06-30 13F FORTINET Put Put 300 -57.14 1 -83.33 n/a n/a n/a
2020-05-07 2020-03-31 13F FORTINET Put Put 700 -78.12 6 100.00 n/a n/a n/a
2020-02-06 2019-12-31 13F FORTINET Put Put 3,200 33.33 3 -78.57 n/a n/a n/a
2019-10-28 2019-09-30 13F FORTINET Put Put 2,400 -85.96 14 -82.05 n/a n/a n/a
2019-08-09 2019-06-30 13F FORTINET Put Put 17,100 388.57 78 457.14 n/a n/a n/a
2019-05-10 2019-03-31 13F FORTINET Put Put 3,500 -87.59 14 -94.68 n/a n/a n/a
2019-02-05 2018-12-31 13F FORTINET Put Put 28,200 354.84 263 3,657.14 n/a n/a n/a
2018-11-07 2018-09-30 13F FORTINET Put Put 6,200 588.89 7 133.33 n/a n/a n/a
2018-08-10 2018-06-30 13F FORTINET Put Put 900 28.57 3 -40.00 n/a n/a n/a
2018-05-11 2018-03-31 13F FORTINET Put Put 700 -82.05 5 -16.67 n/a n/a n/a
2018-01-17 2017-12-31 13F FORTINET Put Put 3,900 129.41 6 100.00 n/a n/a n/a
2017-10-17 2017-09-30 13F FORTINET Put Put 1,700 -91.67 3 -87.50 n/a n/a n/a
2017-07-11 2017-06-30 13F FORTINET Put Put 20,400 -21.84 24 71.43 n/a n/a n/a
2017-04-11 2017-03-31 13F FORTINET Put Put 26,100 203.49 14 -44.00 n/a n/a n/a
2017-01-12 2016-12-31 13F FORTINET Put Put 8,600 25 n/a n/a n/a
2016-10-11 2016-09-30 13F FORTINET Put Put 0 -100.00 0 -100.00 n/a n/a n/a
2016-07-12 2016-06-30 13F FORTINET Put Put 800 -20.00 4 -20.00 n/a n/a n/a
2016-06-08 2016-03-31 13F FORTINET COM Put 1,000 -95.54 5 n/a n/a n/a
2016-06-07 2015-12-31 13F FORTINET COM Put 22,400 0 n/a n/a n/a
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.