Nordea Investment Management AB Increases Stock Position in Fortinet, Inc. $FTNT

Nordea Investment Management AB increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the third quarter, Holdings Channel.com reports. The firm owned 6,922,031 shares of the software maker’s stock after buying an additional 195,896 shares during the period. Nordea Investment Management AB’s holdings in Fortinet were worth $586,781,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. St. Johns Investment Management Company LLC boosted its position in Fortinet by 28.4% during the 3rd quarter. St. Johns Investment Management Company LLC now owns 9,658 shares of the software maker’s stock valued at $812,000 after acquiring an additional 2,137 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Fortinet by 1.5% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,970 shares of the software maker’s stock worth $1,931,000 after acquiring an additional 349 shares in the last quarter. First Horizon Corp bought a new position in shares of Fortinet in the 3rd quarter worth $11,967,000. MGO One Seven LLC lifted its stake in shares of Fortinet by 13.3% during the 3rd quarter. MGO One Seven LLC now owns 6,869 shares of the software maker’s stock worth $578,000 after purchasing an additional 806 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in Fortinet by 40.6% during the third quarter. Meeder Asset Management Inc. now owns 481 shares of the software maker’s stock valued at $40,000 after purchasing an additional 139 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred 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 transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Down 0.7%

FTNT stock opened at $78.66 on Tuesday. 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 firm’s fifty day simple moving average is $81.19 and its 200-day simple moving average is $85.94. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $58.50 billion, a P/E ratio of 32.37, a price-to-earnings-growth ratio of 2.77 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm’s revenue was up 14.4% on a year-over-year basis. During the same period in the prior year, the company earned $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. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. Morgan Stanley reissued an “underweight” rating and set a $70.00 price target (up from $66.00) on shares of Fortinet in a research report on Thursday, December 18th. Mizuho lowered their price objective on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research report on Thursday, November 6th. JPMorgan Chase & Co. restated an “underweight” rating and set a $75.00 price target (down previously from $85.00) on shares of Fortinet in a research note on Wednesday, December 17th. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. Finally, Daiwa Capital Markets cut shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a research note on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $90.30.

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.