Perpetual Ltd Sells 911 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Perpetual Ltd reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,353 shares of the software maker’s stock after selling 911 shares during the period. Perpetual Ltd’s holdings in Fortinet were worth $2,206,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FTNT. Marshall Wace LLP grew its position in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. FMR LLC grew its holdings in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC increased its stake in Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 3.2 %

NASDAQ FTNT opened at $97.20 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $74.50 billion, a price-to-earnings ratio of 49.09, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. The company’s 50-day simple moving average is $95.58 and its two-hundred day simple moving average is $81.10.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the company posted $0.35 earnings per share. Equities analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FTNT. Scotiabank upped their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Tuesday. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their target price for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Stifel Nicolaus lifted their price target on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald boosted their target price on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $96.33.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate 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.