Fortinet, Inc. $FTNT Holdings Trimmed by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 11.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 247,348 shares of the software maker’s stock after selling 30,678 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Fortinet were worth $28,961,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. LSV Asset Management acquired a new position in shares of Fortinet in the 2nd quarter worth approximately $25,000. Saudi Central Bank acquired a new stake in Fortinet during the first quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in Fortinet by 2,184.6% during the first 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 in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. grew its position in Fortinet by 41.4% in the second 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 during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 2.1%

NASDAQ:FTNT opened at $78.04 on Friday. The business’s fifty day moving average price is $83.62 and its 200 day moving average price is $91.84. The firm has a market capitalization of $58.03 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 3.17 and a beta of 1.08. 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, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its 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 company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 completion of the transaction, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Barclays cut their price objective on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. BMO Capital Markets cut their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Cowen downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Finally, JPMorgan Chase & Co. cut their price objective on Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $91.22.

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.