Johnson Financial Group Inc. Has $4.65 Million Stock Holdings in Fortinet, Inc. $FTNT

Johnson Financial Group Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 43,987 shares of the software maker’s stock after selling 822 shares during the quarter. Johnson Financial Group Inc.’s holdings in Fortinet were worth $4,650,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares in the last quarter. Nuveen LLC bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Fortinet by 17.1% in the first 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 buying an additional 1,026,277 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. bought a new position in Fortinet during the second quarter valued at approximately $108,056,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FTNT shares. Scotiabank reduced their target price on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday, August 8th. Finally, Cowen lowered Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $90.37.

Fortinet Stock Performance

NASDAQ:FTNT opened at $80.55 on Thursday. The firm has a market capitalization of $59.90 billion, a PE ratio of 32.09, a PEG ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The firm’s fifty day simple moving average is $83.60 and its 200 day simple moving average is $91.09.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the business earned $0.63 EPS. The business’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, sell-side analysts anticipate 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 firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by insiders.

Fortinet 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.