California Public Employees Retirement System Has $226.47 Million Holdings in Fortinet, Inc. $FTNT

California Public Employees Retirement System lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,142,153 shares of the software maker’s stock after buying an additional 69,971 shares during the quarter. California Public Employees Retirement System’s holdings in Fortinet were worth $226,468,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Saudi Central Bank bought a new position in Fortinet during the first quarter worth $25,000. LSV Asset Management acquired a new position in shares of Fortinet during the second quarter valued at about $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. grew its stake in shares of Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after buying an additional 104 shares during the period. Finally, Quaker Wealth Management LLC grew its stake in shares of Fortinet by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after buying an additional 726 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent research reports. UBS Group cut their price target on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Robert W. Baird lowered their target price on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Barclays reduced their price target on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. Rosenblatt Securities restated a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a report on Thursday, November 6th. Finally, Mizuho dropped their price objective on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research note 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 issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $90.37.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $86.92 on Monday. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. The stock has a market cap of $64.64 billion, a PE ratio of 35.77, a price-to-earnings-growth ratio of 3.24 and a beta of 1.10. The stock’s fifty day simple moving average is $83.50 and its two-hundred day simple moving average is $89.99. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s 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 and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred 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 owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’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 owned 10,492,018 shares in the company, valued at $907,874,317.54. The trade was a 0.03% 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.

Fortinet 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.