E. Ohman J or Asset Management AB Cuts Holdings in Fortinet, Inc. $FTNT

E. Ohman J or Asset Management AB trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 19.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 263,040 shares of the software maker’s stock after selling 63,436 shares during the period. E. Ohman J or Asset Management AB’s holdings in Fortinet were worth $22,116,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FTNT. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter valued at approximately $25,000. LSV Asset Management purchased a new position in Fortinet in the second quarter worth $25,000. E Fund Management Hong Kong Co. Ltd. grew its stake in Fortinet by 41.4% in the 2nd 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. Quaker Wealth Management LLC grew its stake in Fortinet by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after purchasing an additional 726 shares during the period. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Fortinet during the 2nd quarter valued at $40,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.5%

Fortinet stock opened at $81.56 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 1.03. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a market cap of $60.65 billion, a P/E ratio of 33.56, a PEG ratio of 3.04 and a beta of 1.10. The firm’s fifty day moving average price is $82.56 and its 200-day moving average price is $87.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company earned $0.63 EPS. The company’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. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a report on Monday, November 24th. Mizuho dropped their price objective on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research note on Thursday, November 6th. Robert W. Baird lowered their target price 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. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $75.00 price target (down from $85.00) on shares of Fortinet in a report on Wednesday, December 17th. Finally, Daiwa America lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $90.11.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.