Aware Super Pty Ltd as trustee of Aware Super Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 469,191 shares of the software maker's stock, valued at approximately $44,329,000. Fortinet accounts for 0.7% of Aware Super Pty Ltd as trustee of Aware Super's investment portfolio, making the stock its 20th largest holding. Aware Super Pty Ltd as trustee of Aware Super owned approximately 0.06% of Fortinet as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FTNT. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC raised its holdings in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its holdings in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after purchasing an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC increased its position in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after purchasing an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The shares were 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 directly owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet 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 transaction, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 576,944 shares of company stock valued at $56,944,064. Corporate insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. StockNews.com cut Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Finally, The Goldman Sachs Group lifted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $105.17.

Fortinet Price Performance

NASDAQ:FTNT traded up $0.06 during mid-day trading on Friday, hitting $96.13. 2,979,093 shares of the company's stock traded hands, compared to its average volume of 5,076,736. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm's 50 day simple moving average is $100.95 and its 200 day simple moving average is $95.03. The company has a market cap of $73.92 billion, a PE ratio of 42.54, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) 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 return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.