Cerity Partners LLC Sells 82,363 Shares of Fortinet, Inc. $FTNT

Cerity Partners LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 23.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 267,987 shares of the software maker’s stock after selling 82,363 shares during the period. Cerity Partners LLC’s holdings in Fortinet were worth $22,532,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew 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 worth $7,684,461,000 after purchasing an additional 1,024,516 shares in the last quarter. State Street Corp increased its stake in shares of Fortinet by 3.0% during the second quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after buying an additional 862,468 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fortinet by 5.2% in the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares in the last quarter. Norges Bank purchased a new stake in Fortinet in the second quarter worth about $1,640,900,000. Finally, Invesco Ltd. grew its holdings in Fortinet by 7.9% during the 2nd quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock worth $977,718,000 after acquiring an additional 677,654 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Barclays reduced their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Royal Bank Of Canada dropped their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. Hsbc Global Res lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $90.30.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $79.22 on Friday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. 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 company has a market cap of $58.91 billion, a PE ratio of 32.60, a P/E/G ratio of 2.73 and a beta of 1.07. The business has a 50-day simple moving average of $81.37 and a two-hundred day simple moving average of $86.36.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the business earned $0.63 EPS. Fortinet’s revenue for the quarter 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. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the firm’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 transaction of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction 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 completion of the sale, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 17.20% of the company’s stock.

About Fortinet

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.