United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Takes $803,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,500 shares of the software maker’s stock, valued at approximately $803,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Graney & King LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC bought a new stake in Fortinet in the fourth quarter worth about $46,000. Runnymede Capital Advisors Inc. purchased a new position in Fortinet in the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA increased its stake in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the last quarter. Finally, Private Trust Co. NA increased its position in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $102.09 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market cap of $78.50 billion, a P/E ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average of $102.65 and a 200-day moving average of $92.89.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value 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. 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 available through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. The trade was a 78.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Stifel Nicolaus upped their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, March 21st. UBS Group set a $123.00 target price on shares of Fortinet in a report on Tuesday, March 18th. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Morgan Stanley started coverage on Fortinet in a research note on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.69.

About Fortinet

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.