Railway Pension Investments Ltd Sells 33,400 Shares of Fortinet, Inc. $FTNT

Railway Pension Investments Ltd lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 484,025 shares of the software maker’s stock after selling 33,400 shares during the quarter. Railway Pension Investments Ltd owned about 0.06% of Fortinet worth $51,157,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after buying an additional 1,024,516 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fortinet by 5.2% in the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after acquiring an additional 828,569 shares during the last quarter. Norges Bank bought a new position in shares of Fortinet during the second quarter valued at $1,640,900,000. Invesco Ltd. raised its position in shares of Fortinet by 2.2% in the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after purchasing an additional 181,835 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Fortinet by 17.1% in 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 worth $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Royal Bank Of Canada cut their price target on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a report on Thursday, November 6th. Evercore ISI reduced their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Hsbc Global Res cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Finally, UBS Group decreased their target price on Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $90.37.

Fortinet Price Performance

NASDAQ FTNT opened at $81.13 on Friday. The company has a 50-day moving average price of $83.53 and a 200-day moving average price of $90.78. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $60.33 billion, a P/E ratio of 32.32, a PEG ratio of 3.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business posted $0.63 earnings per share. The firm’s quarterly 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. Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet 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 value of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 17.20% of the company’s stock.

Fortinet Company 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.