Frontier Capital Management Co. LLC Trims Holdings in Fortinet, Inc. $FTNT

Frontier Capital Management Co. LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 565,478 shares of the software maker’s stock after selling 131,783 shares during the period. Frontier Capital Management Co. LLC owned 0.07% of Fortinet worth $59,782,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Fortinet by 6.8% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock worth $137,800,000 after buying an additional 82,937 shares in the last quarter. Warther Private Wealth LLC boosted its position in shares of Fortinet by 39.7% during the 2nd quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after acquiring an additional 51,750 shares during the last quarter. Cooper Financial Group purchased a new position in shares of Fortinet during the second quarter worth about $2,653,000. Mainstay Capital Management LLC ADV increased its position in shares of Fortinet by 105.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after purchasing an additional 8,643 shares during the last quarter. Finally, Motley Fool Asset Management LLC raised its stake in Fortinet by 15.0% in the second quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock valued at $5,335,000 after purchasing an additional 6,566 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following 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.

Fortinet Stock Down 2.3%

FTNT stock opened at $81.60 on Thursday. The business’s 50 day moving average price is $83.39 and its two-hundred day moving average price is $89.65. 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 capitalization of $60.68 billion, a price-to-earnings ratio of 33.58, a price-to-earnings-growth ratio of 3.11 and a beta of 1.10. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating 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 firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the business posted $0.63 EPS. The company’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. As a group, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FTNT shares. JPMorgan Chase & Co. cut their price target on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Daiwa Capital Markets lowered shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a research report on Wednesday, November 12th. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 target price on shares of Fortinet in a research note on Monday, November 24th. Barclays dropped their price target on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Finally, Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $90.37.

Fortinet Company 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.