Retirement Systems of Alabama Invests $11.68 Million in Fortinet, Inc. $FTNT

Retirement Systems of Alabama purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, Holdings Channel reports. The fund purchased 138,940 shares of the software maker’s stock, valued at approximately $11,682,000.

A number of other institutional investors also recently bought and sold shares of FTNT. Brighton Jones LLC increased its position in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares during the last quarter. Bison Wealth LLC bought a new position in Fortinet during the 4th quarter valued at about $585,000. GC Wealth Management RIA LLC raised its position in Fortinet by 130.1% in the 2nd quarter. GC Wealth Management RIA LLC now owns 6,615 shares of the software maker’s stock worth $699,000 after purchasing an additional 3,740 shares during the period. Janney Montgomery Scott LLC lifted its stake in Fortinet by 0.5% in the second quarter. Janney Montgomery Scott LLC now owns 122,246 shares of the software maker’s stock worth $12,924,000 after purchasing an additional 599 shares during the last quarter. Finally, Raleigh Capital Management Inc. lifted its stake in Fortinet by 27.3% in the second quarter. Raleigh Capital Management Inc. now owns 2,268 shares of the software maker’s stock worth $240,000 after purchasing an additional 486 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. Truist Financial set a $88.00 price target on Fortinet in a report on Tuesday, January 20th. Royal Bank Of Canada cut their price objective on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. Citigroup reiterated a “neutral” rating and issued a $85.00 target price (up previously from $83.00) on shares of Fortinet in a research note on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a research report on Monday, December 29th. Finally, Daiwa Capital Markets cut shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target on the stock. in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $90.04.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT opened at $82.08 on Thursday. The company has a market capitalization of $61.04 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 2.85 and a beta of 1.07. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The business’s fifty day simple moving average is $80.24 and its 200-day simple moving average is $83.90.

Fortinet (NASDAQ:FTNT) last released 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. The company had revenue of $1.72 billion during 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 firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period in the prior 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. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet Profile

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.