138,940 Shares in Fortinet, Inc. $FTNT Bought by Retirement Systems of Alabama

Retirement Systems of Alabama bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 138,940 shares of the software maker’s stock, valued at approximately $11,682,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Fortinet in the second quarter worth about $1,640,900,000. Vanguard Group Inc. increased its holdings in Fortinet by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after acquiring an additional 1,024,516 shares in the last quarter. Montrusco Bolton Investments Inc. bought a new stake in Fortinet during the 2nd quarter worth approximately $108,056,000. State Street Corp lifted its holdings in Fortinet by 3.0% during the second quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after purchasing an additional 862,468 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Fortinet by 5.2% during the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after purchasing an additional 828,569 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.5%

Shares of Fortinet stock opened at $82.08 on Thursday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $80.24 and a 200-day moving average price of $83.90. The firm has a market cap of $61.04 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 2.85 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Thursday, November 6th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $75.00 price target (down previously from $85.00) on shares of Fortinet in a research note on Wednesday, December 17th. Citigroup reissued a “neutral” rating and set a $85.00 price target (up from $83.00) on shares of Fortinet in a report on Monday, January 12th. Morgan Stanley reaffirmed an “underweight” rating and issued a $70.00 price objective (up previously from $66.00) on shares of Fortinet in a research note on Thursday, December 18th. Finally, Barclays cut their target price on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $90.04.

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co?founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia?Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next?generation firewalls and the FortiOS operating system forming a core platform.