Allstate Corp Makes New Investment in Fortinet, Inc. $FTNT

Allstate Corp bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,188 shares of the software maker’s stock, valued at approximately $2,034,000.

Other institutional investors have also recently bought and sold shares of the company. Balboa Wealth Partners raised its holdings in Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after acquiring an additional 96 shares in the last quarter. Hemington Wealth Management increased its holdings in Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont grew its holdings in Fortinet by 3.6% in the second 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 during the period. Board of the Pension Protection Fund raised its stake in Fortinet by 4.5% during the 2nd quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after buying an additional 100 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Fortinet by 0.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after purchasing an additional 102 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on FTNT. Piper Sandler reissued a “neutral” rating and issued a $90.00 price target (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. Weiss Ratings restated a “hold (c)” rating on shares of Fortinet in a research report on Monday, December 29th. Jefferies Financial Group decreased their price target on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Robert W. Baird cut their target price on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Finally, Hsbc Global Res lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. One equities research 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. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $90.04.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $75.46 on Wednesday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The stock has a market cap of $56.12 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 2.63 and a beta of 1.07. The firm’s 50-day moving average is $80.35 and its 200 day moving average is $84.76. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94.

Fortinet (NASDAQ:FTNT) last issued its 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 business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company’s revenue was up 14.4% compared to the same quarter last year. During the same period last year, the business 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. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Company 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.