UniSuper Management Pty Ltd Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

UniSuper Management Pty Ltd decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 125,764 shares of the software maker’s stock after selling 2,676 shares during the period. UniSuper Management Pty Ltd’s holdings in Fortinet were worth $11,882,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. First Hawaiian Bank bought a new position in Fortinet in the fourth quarter worth $670,000. LVM Capital Management Ltd. MI increased its stake in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Trilogy Capital Inc. lifted its position in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. boosted its stake in Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Fortinet during the third quarter valued at approximately $10,343,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $99.54 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $76.54 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 4.19 and a beta of 0.97. The company’s 50 day moving average is $102.92 and its two-hundred day moving average is $92.99.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on FTNT. Scotiabank boosted their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Jefferies Financial Group increased their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Wells Fargo & Company lifted their price target on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Stifel Nicolaus lifted their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.69.

Insider Buying and Selling at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company’s stock.

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.