Vestmark Advisory Solutions Inc. Makes New Investment in Fortinet, Inc. $FTNT

Vestmark Advisory Solutions Inc. bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,492 shares of the software maker’s stock, valued at approximately $263,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dover Advisors LLC lifted its holdings in shares of Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares in the last quarter. Balboa Wealth Partners raised its position in Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after buying an additional 96 shares during the last quarter. Hemington Wealth Management lifted its stake in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares during the period. Peloton Wealth Strategists boosted its holdings in shares of Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after acquiring an additional 100 shares during the last quarter. Finally, Trust Co. of Vermont grew its stake in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after acquiring an additional 100 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FTNT shares. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Hsbc Global Res cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. Barclays cut their price objective on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Truist Financial lowered their target price on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Finally, Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $91.62.

Fortinet Trading Down 0.3%

Shares of NASDAQ:FTNT opened at $81.87 on Thursday. The stock has a 50 day moving average of $83.47 and a 200 day moving average of $92.74. The company has a market cap of $60.88 billion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of Fortinet 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 in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was 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 of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. Corporate 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.