Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Westpac Banking Corp

Westpac Banking Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.4% in the 4th quarter, Holdings Channel reports. The fund owned 25,721 shares of the software maker’s stock after selling 911 shares during the period. Westpac Banking Corp’s holdings in Fortinet were worth $2,430,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Manchester Capital Management LLC grew its position in Fortinet by 13.5% in the 4th 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 last quarter. Fifth Third Wealth Advisors LLC grew its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Fielder Capital Group LLC increased its position in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its stake in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Fortinet by 1.3% in the fourth 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. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was 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 of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 in the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $89.44 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. 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 company has a market capitalization of $68.78 billion, a PE ratio of 39.58, a PEG ratio of 4.19 and a beta of 0.97. The company’s 50 day moving average price is $102.83 and its 200 day moving average price is $93.68.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on FTNT. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. UBS Group set a $123.00 target price on Fortinet in a research report on Tuesday, March 18th. Finally, StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $105.77.

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.