Corient Private Wealth LLC Trims Holdings in Fortinet, Inc. $FTNT

Corient Private Wealth LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 23.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,363 shares of the software maker’s stock after selling 31,968 shares during the quarter. Corient Private Wealth LLC’s holdings in Fortinet were worth $11,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Fortinet by 6.8% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after buying an additional 82,937 shares during the last quarter. Warther Private Wealth LLC grew its stake in Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after acquiring an additional 51,750 shares in the last quarter. Cooper Financial Group bought a new stake in Fortinet in the 2nd quarter valued at $2,653,000. Mainstay Capital Management LLC ADV increased its holdings in Fortinet by 105.8% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after acquiring an additional 8,643 shares during the last quarter. Finally, Motley Fool Asset Management LLC lifted its stake in Fortinet by 15.0% in the 2nd quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock worth $5,335,000 after purchasing an additional 6,566 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FTNT shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a report on Thursday, November 6th. Daiwa America downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. UBS Group decreased their price objective on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Piper Sandler cut their target price on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $75.00 price target (down previously from $85.00) on shares of Fortinet in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-seven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $90.11.

Fortinet Trading Up 0.5%

Shares of FTNT opened at $79.75 on Friday. The company’s fifty day simple moving average is $82.83 and its 200-day simple moving average is $88.83. The company has a market cap of $59.31 billion, a P/E ratio of 32.82, a P/E/G ratio of 2.96 and a beta of 1.10. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS 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 the consensus estimate of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm’s revenue was up 14.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $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. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of Fortinet 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by insiders.

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.