Inspire Advisors LLC Lowers Stake in Fortinet, Inc. $FTNT

Inspire Advisors LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 53.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,990 shares of the software maker’s stock after selling 19,313 shares during the quarter. Inspire Advisors LLC’s holdings in Fortinet were worth $1,796,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. LSV Asset Management purchased a new position in shares of Fortinet during the 2nd quarter valued at about $25,000. Saudi Central Bank purchased a new position in shares of Fortinet during the first quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in shares of Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after purchasing an additional 104 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.4%

NASDAQ FTNT opened at $81.94 on Tuesday. The stock has a market cap of $60.93 billion, a P/E ratio of 32.65, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a 50 day simple moving average of $83.66 and a two-hundred day simple moving average of $92.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

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 return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. The firm’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. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. TD Cowen decreased their target price on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. Stifel Nicolaus decreased their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a report on Thursday, August 7th. Mizuho dropped their target price on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a report on Thursday, November 6th. Morgan Stanley restated an “underweight” rating and set a $67.00 price target (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Finally, Royal Bank Of Canada dropped their price objective on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $91.62.

Insider Activity

In related news, VP Michael Xie sold 3,546 shares of the business’s 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 transaction, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% 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.

About Fortinet

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.