Fortinet, Inc. $FTNT Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 43.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,510 shares of the software maker’s stock after selling 40,780 shares during the period. Texas Permanent School Fund Corp’s holdings in Fortinet were worth $5,551,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Caldwell Trust Co acquired a new position in Fortinet in the 2nd quarter valued at about $436,000. Valeo Financial Advisors LLC raised its position in shares of Fortinet by 19.4% in the second quarter. Valeo Financial Advisors LLC now owns 11,834 shares of the software maker’s stock valued at $1,251,000 after buying an additional 1,926 shares during the last quarter. American Trust purchased a new position in shares of Fortinet during the second quarter valued at approximately $257,000. Centaurus Financial Inc. boosted its position in Fortinet by 17.9% during the second quarter. Centaurus Financial Inc. now owns 6,565 shares of the software maker’s stock worth $694,000 after acquiring an additional 997 shares during the last quarter. Finally, Orion Porfolio Solutions LLC grew its stake in Fortinet by 51.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 34,807 shares of the software maker’s stock worth $3,680,000 after acquiring an additional 11,835 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FTNT. Robert W. Baird reduced their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Daiwa America lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Royal Bank Of Canada lowered their price target on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a report on Thursday, November 6th. Morgan Stanley reiterated an “underweight” rating and set a $67.00 price objective (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. One equities research 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $90.37.

Fortinet Stock Up 1.2%

Shares of NASDAQ:FTNT opened at $82.47 on Wednesday. The stock has a 50-day simple moving average of $83.10 and a 200-day simple moving average of $88.96. The stock has a market capitalization of $61.33 billion, a P/E ratio of 33.94, a PEG ratio of 3.04 and a beta of 1.10. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the firm posted $0.63 earnings per share. Fortinet’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 and its Q4 2025 guidance at 0.730-0.750 EPS. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 18.00% of the company’s stock.

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.