Moors & Cabot Inc. Reduces Stake in Fortinet, Inc. $FTNT

Moors & Cabot Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 28,573 shares of the software maker’s stock after selling 1,507 shares during the period. Moors & Cabot Inc.’s holdings in Fortinet were worth $3,021,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Saudi Central Bank purchased a new stake in Fortinet during the 1st quarter worth about $25,000. Clearstead Trust LLC purchased a new stake in Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd increased its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. increased 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 worth $38,000 after acquiring an additional 104 shares during the last quarter. Finally, Quaker Wealth Management LLC increased 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 worth $38,000 after acquiring an additional 726 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Morgan Stanley restated an “underweight” rating and issued a $67.00 target price (down from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Cantor Fitzgerald upped their target price on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. Barclays decreased their target price on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Finally, Cowen lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $97.03.

Fortinet Trading Up 0.9%

Shares of FTNT stock opened at $85.99 on Thursday. The stock has a market capitalization of $65.89 billion, a PE ratio of 34.26, a P/E/G ratio of 3.17 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The business has a 50-day moving average of $83.07 and a 200 day moving average of $93.28. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the 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 of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

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.