AustralianSuper Pty Ltd Has $144.04 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

AustralianSuper Pty Ltd increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 127.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,496,339 shares of the software maker's stock after buying an additional 839,028 shares during the period. Fortinet accounts for approximately 0.8% of AustralianSuper Pty Ltd's holdings, making the stock its 27th biggest holding. AustralianSuper Pty Ltd owned about 0.20% of Fortinet worth $144,038,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. Ritholtz Wealth Management lifted its position in Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after purchasing an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $216,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after acquiring an additional 16,139 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after acquiring an additional 3,189 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of FTNT stock traded up $0.50 during trading on Friday, hitting $105.42. The company had a trading volume of 3,639,808 shares, compared to its average volume of 4,845,046. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market capitalization of $80.69 billion, a P/E ratio of 43.38, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The stock's 50-day moving average price is $103.30 and its 200 day moving average price is $101.30.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the business earned $0.43 earnings per share. Fortinet's revenue was up 13.8% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on FTNT. Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price for the company. Rosenblatt Securities reissued a "buy" rating and set a $125.00 target price on shares of Fortinet in a research note on Tuesday, June 17th. Scotiabank lowered their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Finally, Roth Capital set a $103.00 target price on Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $106.48.

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.