Fortinet, Inc. $FTNT Stake Boosted by UniSuper Management Pty Ltd

Key Points

• UniSuper Management Pty Ltd increased its stake in Fortinet, Inc. by 4.6%, acquiring a total of 131,609 shares worth approximately $12.67 million.
• Fortinet reported a 13.6% increase in revenue year-over-year, with earnings per share of $0.64, surpassing analysts' expectations of $0.59.
• Several analysts have revised their price targets on Fortinet, with BMO Capital Markets lowering it to $90 and Royal Bank of Canada setting it at $95, suggesting varying outlooks on the stock's performance.

UniSuper Management Pty Ltd grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 131,609 shares of the software maker's stock after purchasing an additional 5,845 shares during the period. UniSuper Management Pty Ltd's holdings in Fortinet were worth $12,669,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FTNT. Vanguard Group Inc. increased its holdings in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. GAMMA Investing LLC increased its holdings in shares of Fortinet by 11,349.3% during the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock valued at $185,551,000 after purchasing an additional 1,910,771 shares during the period. AQR Capital Management LLC increased its holdings in shares of Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the period. Nuveen LLC acquired a new position in shares of Fortinet during the first quarter valued at $153,576,000. Finally, AustralianSuper Pty Ltd increased its holdings in shares of Fortinet by 127.6% during the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker's stock valued at $144,038,000 after purchasing an additional 839,028 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 3.1%

Shares of FTNT opened at $78.83 on Monday. The business's 50-day moving average price is $92.07 and its 200 day moving average price is $97.78. The stock has a market capitalization of $60.41 billion, a P/E ratio of 31.41, a P/E/G ratio of 2.98 and a beta of 1.13. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet's revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTNT shares. Royal Bank Of Canada lowered their price target on Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a report on Thursday, August 7th. Truist Financial lowered their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating on the stock. Erste Group Bank lowered Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Finally, BMO Capital Markets lowered their target price on Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $97.03.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

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.

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