VIRGINIA RETIREMENT SYSTEMS ET Al Reduces Holdings in Fortinet, Inc. $FTNT

by · The Cerbat Gem

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 8.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 405,247 shares of the software maker’s stock after selling 39,300 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.05% of Fortinet worth $34,073,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FTNT. LSV Asset Management acquired a new position in Fortinet during the 2nd quarter valued at approximately $25,000. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Fortinet by 41.4% during 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 during the last quarter. Quaker Wealth Management LLC increased its position in shares of Fortinet by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after acquiring an additional 726 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new position in Fortinet in the 2nd quarter worth $40,000. Finally, LFA Lugano Financial Advisors SA lifted its position in Fortinet by 60.8% during the 2nd quarter. LFA Lugano Financial Advisors SA now owns 426 shares of the software maker’s stock worth $45,000 after acquiring an additional 161 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. TD Cowen cut their price objective on Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 price target on shares of Fortinet in a report on Thursday, November 6th. Hsbc Global Res cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Morgan Stanley reaffirmed an “underweight” rating and issued a $70.00 price objective (up from $66.00) on shares of Fortinet in a report on Thursday, December 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Fortinet in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $90.11.

Read Our Latest Stock Analysis on Fortinet

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $80.31 on Wednesday. The company has a market capitalization of $59.72 billion, a PE ratio of 33.05, a price-to-earnings-growth ratio of 3.01 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. The company’s fifty day moving average price is $82.39 and its 200 day moving average price is $87.43. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data 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 28.58% and a return on equity of 118.27%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the firm posted $0.63 earnings per share. The company’s revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,546 shares of the company’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 transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,485 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. 18.00% of the stock is owned by insiders.

Fortinet Company Profile

(Free Report)

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.

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