Nisa Investment Advisors LLC Sells 61,119 Shares of Fortinet, Inc. $FTNT

Nisa Investment Advisors LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 143,541 shares of the software maker’s stock after selling 61,119 shares during the period. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $12,069,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Fortinet during the 2nd quarter valued at about $1,640,900,000. Vanguard Group Inc. grew its position in Fortinet by 1.4% during the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after acquiring an additional 1,024,516 shares during the last quarter. Montrusco Bolton Investments Inc. purchased a new position in shares of Fortinet during the second quarter worth approximately $108,056,000. State Street Corp lifted its holdings in shares of Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after acquiring an additional 862,468 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after purchasing an additional 828,569 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.5%

NASDAQ FTNT opened at $79.22 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The stock has a market capitalization of $58.91 billion, a PE ratio of 32.60, a PEG ratio of 2.77 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The business’s 50-day moving average is $81.37 and its 200 day moving average is $86.24.

Fortinet (NASDAQ:FTNT) last released its quarterly 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. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.Fortinet’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated 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 approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 17.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Daiwa Capital Markets cut shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research report on Wednesday, November 12th. Hsbc Global Res downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Rosenblatt Securities restated a “neutral” rating and set a $85.00 price target on shares of Fortinet in a research report on Thursday, November 6th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $70.00 price objective (up previously from $66.00) on shares of Fortinet in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $90.30.

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.