Police & Firemen s Retirement System of New Jersey Raises Position in Fortinet, Inc. $FTNT

Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,337 shares of the software maker’s stock after acquiring an additional 4,280 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Fortinet were worth $10,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of FTNT. 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 valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. AQR Capital Management LLC lifted its position in shares of Fortinet by 40.9% during 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 purchased a new position in shares of Fortinet during the 1st quarter valued at about $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 valued at $675,405,000 after acquiring an additional 1,026,277 shares during the period. Finally, Montrusco Bolton Investments Inc. purchased a new stake in Fortinet in the 2nd quarter worth approximately $108,056,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, August 8th. BMO Capital Markets dropped their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. JPMorgan Chase & Co. lowered their price objective on Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, Scotiabank dropped their price objective on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $91.62.

Fortinet Trading Down 1.4%

Shares of FTNT stock opened at $81.03 on Friday. 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 stock has a market capitalization of $60.26 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The stock’s 50-day moving average price is $83.56 and its 200-day moving average price is $92.66.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the business’s 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by corporate 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.