United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,500 shares of the software maker’s stock, valued at approximately $803,000.

A number of other hedge funds also recently added to or reduced their stakes in FTNT. FMR LLC increased its holdings in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Amundi increased its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after buying an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after buying an additional 1,682,708 shares during the last quarter. State Street Corp lifted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Fortinet during the 4th quarter valued at about $69,381,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $102.09 on Wednesday. The stock has a market capitalization of $78.50 billion, a P/E ratio of 45.17, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a fifty day simple moving average of $102.65 and a two-hundred day simple moving average of $92.89.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Jefferies Financial Group lifted their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Citigroup increased their target price on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Piper Sandler restated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $105.69.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last three months. 18.00% of the stock is owned by company insiders.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.