Fortinet, Inc. $FTNT Shares Acquired by StoneX Group Inc.

StoneX Group Inc. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 75.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 16,857 shares of the software maker’s stock after acquiring an additional 7,242 shares during the quarter. StoneX Group Inc.’s holdings in Fortinet were worth $1,782,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Saudi Central Bank purchased a new stake in shares of Fortinet during the first quarter worth about $25,000. LSV Asset Management purchased a new position in Fortinet in the 2nd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd boosted its holdings in 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 buying an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. increased its stake in Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after buying an additional 104 shares in the last quarter. Finally, Quaker Wealth Management LLC increased its stake in Fortinet by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after buying an additional 726 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 2.0%

NASDAQ FTNT opened at $86.92 on Friday. The business’s fifty day simple moving average is $83.50 and its 200-day simple moving average is $90.08. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The firm has a market cap of $64.64 billion, a PE ratio of 35.77, a P/E/G ratio of 3.27 and a beta of 1.10. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the business earned $0.63 earnings per share. Fortinet’s revenue was up 14.4% compared to the same quarter last year. 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 analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Royal Bank Of Canada lowered their price target on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Thursday, November 6th. Jefferies Financial Group lowered their target price on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, November 6th. Mizuho dropped their target price on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a report on Thursday, November 6th. Finally, Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $90.37.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’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 completion of the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 trade represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by insiders.

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.