Caxton Associates LLP Raises Stock Position in Fortinet, Inc. $FTNT

Caxton Associates LLP grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 31.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,607 shares of the software maker’s stock after purchasing an additional 9,097 shares during the quarter. Caxton Associates LLP’s holdings in Fortinet were worth $3,976,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Saudi Central Bank purchased a new position in Fortinet in the 1st quarter valued at approximately $25,000. LSV Asset Management purchased a new stake in shares of Fortinet during the second quarter worth $25,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. boosted its holdings 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 valued at $38,000 after purchasing an additional 104 shares during the period. Finally, Quaker Wealth Management LLC grew 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 purchasing an additional 726 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $82.22 on Friday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The firm has a market capitalization of $61.14 billion, a P/E ratio of 33.84, a P/E/G ratio of 3.06 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The company’s fifty day moving average price is $83.24 and its 200 day moving average price is $89.35.

Fortinet (NASDAQ:FTNT) last issued 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 return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company posted $0.63 earnings per share. The business’s quarterly 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, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a research report on Monday, November 24th. TD Cowen reduced their target price on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Robert W. Baird reduced their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Finally, Royal Bank Of Canada decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $90.37.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. 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.