Fortinet, Inc. $FTNT Stake Trimmed by 2Xideas AG

2Xideas AG lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 12.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 485,213 shares of the software maker’s stock after selling 69,456 shares during the period. Fortinet makes up approximately 8.8% of 2Xideas AG’s investment portfolio, making the stock its 2nd biggest holding. 2Xideas AG’s holdings in Fortinet were worth $51,297,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Dover Advisors LLC boosted its holdings in Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after acquiring an additional 94 shares during the period. Balboa Wealth Partners lifted its position in shares of Fortinet by 4.3% during the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after purchasing an additional 96 shares during the last quarter. Hemington Wealth Management boosted its stake in shares of Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after purchasing an additional 99 shares during the period. Peloton Wealth Strategists boosted its stake in shares of Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the period. Finally, Trust Co. of Vermont grew its holdings in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Royal Bank Of Canada lowered their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a report on Thursday, November 6th. Robert W. Baird cut their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Finally, Daiwa America lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $90.37.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the firm’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 owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer directly 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 SEC filing for this sale provides additional information. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

FTNT opened at $83.53 on Tuesday. The company has a market cap of $62.12 billion, a P/E ratio of 34.37, a price-to-earnings-growth ratio of 3.24 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The firm’s 50-day moving average price is $83.48 and its 200-day moving average price is $89.84. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share 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 company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the firm earned $0.63 EPS. Fortinet’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, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.