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

Several other large investors have also recently bought and sold shares of the business. Manchester Capital Management LLC increased its position in shares of 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 acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Fielder Capital Group LLC increased its holdings in Fortinet by 1.6% during 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 last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC grew its position in shares of Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker's stock worth $407,000 after buying an additional 127 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

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Fortinet Price Performance

Shares of FTNT traded down $2.94 during midday trading on Friday, reaching $96.60. The stock had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market capitalization of $74.28 billion, a P/E ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. The firm's 50 day moving average price is $102.97 and its 200-day moving average price is $93.26. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on FTNT. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, March 21st. Morgan Stanley assumed coverage on Fortinet in a research note on Tuesday, March 18th. They issued an "overweight" rating and a $123.00 price target for the company. Wells Fargo & Company increased their target price on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Scotiabank boosted their price target on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a report on Friday, February 7th. Finally, Susquehanna raised their price objective on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $105.69.

Insider Activity

In related news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders 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.