State Board of Administration of Florida Retirement System Boosts Stock Position in Fortinet, Inc. $FTNT

State Board of Administration of Florida Retirement System lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 630,909 shares of the software maker’s stock after buying an additional 7,530 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.08% of Fortinet worth $66,700,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position 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 acquiring an additional 3,546,934 shares during the period. AQR Capital Management LLC increased its stake 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 worth $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Fortinet during the first quarter worth about $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of 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 purchasing an additional 1,026,277 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. purchased a new position in Fortinet in the 2nd quarter valued at about $108,056,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 0.7%

FTNT stock opened at $81.13 on Friday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The firm has a market cap of $60.33 billion, a PE ratio of 32.32, a PEG ratio of 3.17 and a beta of 1.08. The firm’s 50 day moving average price is $83.53 and its 200-day moving average price is $90.88. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping 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 company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Mizuho cut their price objective on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research note on Thursday, November 6th. Truist Financial lowered their price target on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a research note on Wednesday, November 12th. Evercore ISI decreased their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Finally, Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $90.37.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the stock in a transaction dated Monday, November 3rd. The shares were 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. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president directly 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 SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by insiders.

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.