AustralianSuper Pty Ltd Cuts Stake in Fortinet, Inc. $FTNT

AustralianSuper Pty Ltd reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 51.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 549,465 shares of the software maker’s stock after selling 584,282 shares during the period. AustralianSuper Pty Ltd owned approximately 0.07% of Fortinet worth $46,199,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Fortinet by 1.4% in the second 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. State Street Corp increased its holdings in shares of Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after acquiring an additional 862,468 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fortinet by 5.2% during the 2nd 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 in the last quarter. Norges Bank purchased a new stake in Fortinet during the second quarter worth approximately $1,640,900,000. Finally, Invesco Ltd. boosted its holdings in Fortinet by 7.9% in the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock valued at $977,718,000 after purchasing an additional 677,654 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $82.08 on Thursday. 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 business’s fifty day moving average price is $80.24 and its two-hundred day moving average price is $83.90. The stock has a market cap of $61.04 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82.

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. The firm had revenue of $1.72 billion for 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%. Fortinet’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter last year, the firm posted $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, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Jefferies Financial Group dropped their target price on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. Daiwa Capital Markets lowered Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective on the stock. in a report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. Morgan Stanley restated an “underweight” rating and set a $70.00 price target (up previously from $66.00) on shares of Fortinet in a research note on Thursday, December 18th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 price target on shares of Fortinet in a research report on Monday, November 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $90.04.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of Fortinet 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 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 position. The SEC filing for this sale provides additional information. Corporate insiders own 18.00% of the company’s stock.

Fortinet Company 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.