GAM Holding AG Sells 10,846 Shares of Fortinet, Inc. $FTNT

GAM Holding AG cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,174 shares of the software maker’s stock after selling 10,846 shares during the quarter. GAM Holding AG’s holdings in Fortinet were worth $1,864,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Dover Advisors LLC raised its position 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 purchasing an additional 94 shares in the last quarter. Balboa Wealth Partners increased its stake 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 valued at $246,000 after buying an additional 96 shares during the period. Hemington Wealth Management raised its holdings in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares in the last quarter. Peloton Wealth Strategists lifted its stake in Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after acquiring an additional 100 shares during the period. Finally, Trust Co. of Vermont lifted its stake in 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 acquiring an additional 100 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, 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 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 $907,874,317.54. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of Fortinet 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $77.88 on Friday. The firm’s fifty day simple moving average is $82.02 and its two-hundred day simple moving average is $87.05. The firm has a market capitalization of $57.92 billion, a P/E ratio of 32.05, a P/E/G ratio of 2.72 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.

Fortinet (NASDAQ:FTNT) last posted 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. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the firm earned $0.63 EPS. The business’s quarterly revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on FTNT. Robert W. Baird cut their target price on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $87.00 price objective on shares of Fortinet in a report on Monday, November 24th. Mizuho reduced their price objective on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research note on Thursday, November 6th. UBS Group dropped their target price on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, TD Cowen reduced their price target on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $90.11.

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.