Axa S.A. Has $66 Million Position in Fortinet, Inc. $FTNT

Axa S.A. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 624,307 shares of the software maker’s stock after buying an additional 86,651 shares during the quarter. Axa S.A. owned 0.08% of Fortinet worth $66,002,000 at the end of the most recent reporting period.

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

Fortinet Trading Down 0.0%

Shares of NASDAQ:FTNT opened at $83.50 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. The stock’s 50-day moving average is $83.46 and its 200-day moving average is $89.71. The company has a market cap of $62.09 billion, a P/E ratio of 34.36, a P/E/G ratio of 3.11 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 posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $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. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on FTNT shares. TD Cowen lowered their price target on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a research report on Thursday, November 6th. UBS Group dropped their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. 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. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $90.37.

Fortinet Company 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.