AustralianSuper Pty Ltd Has $62.10 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

AustralianSuper Pty Ltd raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1,084.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 657,311 shares of the software maker’s stock after acquiring an additional 601,801 shares during the period. AustralianSuper Pty Ltd’s holdings in Fortinet were worth $62,103,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. SeaCrest Wealth Management LLC acquired a new stake in Fortinet in the third quarter valued at approximately $329,000. Bleakley Financial Group LLC grew its stake in Fortinet by 4.8% in the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after acquiring an additional 399 shares during the period. Marshall Financial Group LLC acquired a new stake in Fortinet in the third quarter valued at approximately $205,000. TruWealth Advisors LLC grew its stake in Fortinet by 6.0% in the third quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker’s stock valued at $665,000 after acquiring an additional 487 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Fortinet by 1.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 240,059 shares of the software maker’s stock valued at $18,617,000 after acquiring an additional 3,517 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $111.64 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37. The firm has a market cap of $85.57 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The business’s fifty day moving average is $98.60 and its 200 day moving average is $86.37.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Research analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTNT. Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group lifted their target price on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet 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.