Fortinet, Inc. $FTNT Shares Sold by PAX Financial Group LLC

PAX Financial Group LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,392 shares of the software maker’s stock after selling 23,158 shares during the quarter. PAX Financial Group LLC’s holdings in Fortinet were worth $3,424,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raiffeisen Bank International AG grew its stake in shares of Fortinet by 40.0% in the 2nd quarter. Raiffeisen Bank International AG now owns 84,290 shares of the software maker’s stock worth $8,740,000 after purchasing an additional 24,069 shares during the last quarter. Symphony Financial Ltd. Co. bought a new stake in Fortinet during the second quarter worth approximately $16,902,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Fortinet by 30.9% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,054,035 shares of the software maker’s stock worth $111,433,000 after buying an additional 248,931 shares during the last quarter. Generali Investments Management Co LLC grew its position in Fortinet by 119.4% in the second quarter. Generali Investments Management Co LLC now owns 12,829 shares of the software maker’s stock worth $1,354,000 after buying an additional 6,983 shares during the last quarter. Finally, Y.D. More Investments Ltd increased its holdings in shares of Fortinet by 18.6% in the second quarter. Y.D. More Investments Ltd now owns 57,947 shares of the software maker’s stock valued at $6,010,000 after buying an additional 9,108 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FTNT shares. TD Cowen reduced their price objective on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Citigroup cut Fortinet from a “neutral” rating to a “mixed” rating in a research note 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. Mizuho cut their price target on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday, November 6th. Finally, Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $91.62.

Fortinet Stock Performance

Shares of FTNT opened at $82.31 on Monday. The company has a market capitalization of $61.21 billion, a PE ratio of 32.79, a PEG ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company’s 50 day moving average price is $83.63 and its 200 day moving average price is $92.36. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the business posted $0.63 EPS. The company’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. Q4 2025 guidance at 0.730-0.750 EPS. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer directly 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 17.20% of the company’s stock.

Fortinet 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.