Treasurer of the State of North Carolina Purchases 161,211 Shares of Fortinet, Inc. $FTNT

by · The Markets Daily

Treasurer of the State of North Carolina lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 44.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 524,053 shares of the software maker’s stock after acquiring an additional 161,211 shares during the period. Treasurer of the State of North Carolina owned approximately 0.07% of Fortinet worth $55,403,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in FTNT. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter worth about $25,000. LSV Asset Management acquired a new position in Fortinet during the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd lifted its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. boosted its position in Fortinet by 41.4% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after buying an additional 104 shares in the last quarter. Finally, Quaker Wealth Management LLC boosted its position in Fortinet by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after buying an additional 726 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents 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 currently owned by insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $82.47 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. The firm has a fifty day simple moving average of $83.32 and a two-hundred day simple moving average of $89.60. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The firm has a market capitalization of $61.33 billion, a PE ratio of 33.94, a price-to-earnings-growth ratio of 3.04 and a beta of 1.10.

Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period last year, the firm 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. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FTNT shares. Mizuho reduced their price target on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday, November 6th. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Piper Sandler decreased their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. UBS Group dropped their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Finally, Robert W. Baird reduced their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $90.37.

Read Our Latest Research Report on Fortinet

Fortinet Profile

(Free Report)

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.

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