Andra AP fonden Acquires 148,800 Shares of Fortinet, Inc. $FTNT

Andra AP fonden raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 55.1% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 418,620 shares of the software maker’s stock after purchasing an additional 148,800 shares during the period. Andra AP fonden owned approximately 0.05% of Fortinet worth $44,257,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. Invesco Ltd. lifted its stake in Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after acquiring an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after acquiring an additional 1,026,277 shares during the last quarter. Northern Trust Corp grew its stake in shares of Fortinet by 0.8% in the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after acquiring an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Fortinet by 40.9% in 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 last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $85.99 on Thursday. The business’s 50 day simple moving average is $83.07 and its 200 day simple moving average is $93.28. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market cap of $65.89 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 3.17 and a beta of 1.09. 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) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FTNT shares. Scotiabank cut their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Citigroup downgraded Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Mizuho reduced their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. BMO Capital Markets decreased their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Finally, Stifel Nicolaus cut their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $97.03.

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.