Allstate Corp Makes New $2.03 Million Investment in Fortinet, Inc. $FTNT

Allstate Corp acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 24,188 shares of the software maker’s stock, valued at approximately $2,034,000.

A number of other hedge funds have also bought and sold shares of FTNT. Brighton Jones LLC lifted its stake in Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares during the last quarter. Bison Wealth LLC acquired a new stake in Fortinet during the 4th quarter worth about $585,000. Assenagon Asset Management S.A. boosted its holdings in Fortinet by 0.6% in the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after purchasing an additional 102 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Fortinet by 94.5% in the 2nd quarter. Park Avenue Securities LLC now owns 46,781 shares of the software maker’s stock valued at $4,946,000 after buying an additional 22,724 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC increased its position in shares of Fortinet by 2.6% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 8,244 shares of the software maker’s stock valued at $872,000 after acquiring an additional 206 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other 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 transaction of $306,835.38. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,485 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value 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. The trade was a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT stock opened at $75.46 on Wednesday. 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 twelve month low of $70.12 and a twelve month high of $114.82. The firm has a fifty day simple moving average of $80.35 and a 200-day simple moving average of $84.76. The company has a market capitalization of $56.12 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 2.63 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share (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 analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.Fortinet’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the prior 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. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on FTNT shares. Daiwa Capital Markets cut shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a report on Wednesday, November 12th. Robert W. Baird dropped 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. Citigroup reaffirmed a “neutral” rating and set a $85.00 price objective (up from $83.00) on shares of Fortinet in a research report on Monday, January 12th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $75.00 target price (down previously from $85.00) on shares of Fortinet in a research report on Wednesday, December 17th. Finally, Hsbc Global Res lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $90.04.

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.