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 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 484,025 shares of the software maker’s stock after selling 33,400 shares during the period. Railway Pension Investments Ltd’s holdings in Fortinet were worth $51,157,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of FTNT. Norges Bank bought a new stake in shares of Fortinet in the 2nd quarter worth about $1,640,900,000. Vanguard Group Inc. grew its position in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. AQR Capital Management LLC increased its stake in Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after acquiring an additional 1,733,670 shares during the last quarter. Nuveen LLC purchased a new stake in Fortinet during the first quarter valued at approximately $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of 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 valued at $675,405,000 after purchasing an additional 1,026,277 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.7%

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

Fortinet (NASDAQ:FTNT) last issued its earnings results 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. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business 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 company posted $0.63 EPS. Fortinet’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Royal Bank Of Canada dropped their price objective on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research note on Thursday, November 6th. BMO Capital Markets dropped their price target on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 price target on shares of Fortinet in a report on Thursday, November 6th. Piper Sandler dropped their target price on Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Finally, DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $90.37.

Insider Activity

In other news, CEO Ken Xie sold 158,485 shares of the company’s 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 completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by corporate insiders.

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.