S&T Bank PA Has $7.08 Million Position in Fortinet, Inc. $FTNT

S&T Bank PA lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the second quarter, Holdings Channel.com reports. The fund owned 66,965 shares of the software maker’s stock after selling 6,438 shares during the period. Fortinet comprises 2.2% of S&T Bank PA’s investment portfolio, making the stock its 11th largest position. S&T Bank PA’s holdings in Fortinet were worth $7,080,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. OneAscent Wealth Management LLC raised its stake in Fortinet by 4.0% in the second quarter. OneAscent Wealth Management LLC now owns 4,522 shares of the software maker’s stock valued at $478,000 after purchasing an additional 174 shares in the last quarter. Modera Wealth Management LLC increased its holdings in Fortinet by 4.5% in the 2nd quarter. Modera Wealth Management LLC now owns 103,428 shares of the software maker’s stock valued at $10,934,000 after buying an additional 4,418 shares during the period. Twin Capital Management Inc. raised its position in shares of Fortinet by 2.1% in the 2nd quarter. Twin Capital Management Inc. now owns 47,713 shares of the software maker’s stock valued at $5,044,000 after buying an additional 963 shares in the last quarter. Soltis Investment Advisors LLC lifted its holdings in shares of Fortinet by 8.6% during the 2nd quarter. Soltis Investment Advisors LLC now owns 2,622 shares of the software maker’s stock worth $277,000 after acquiring an additional 207 shares during the period. Finally, Mascagni Wealth Management Inc. increased its stake in Fortinet by 6.2% in the second quarter. Mascagni Wealth Management Inc. now owns 6,191 shares of the software maker’s stock valued at $655,000 after acquiring an additional 360 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Cantor Fitzgerald raised their price objective on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. TD Cowen dropped their target price on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday. Finally, DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.57.

Insiders Place Their Bets

In related news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, 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 represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $80.54 on Friday. The stock has a market capitalization of $61.72 billion, a PE ratio of 32.09, a PEG ratio of 3.17 and a beta of 1.08. The business’s 50 day simple moving average is $83.10 and its 200 day simple moving average is $93.19. 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, Inc. has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company earned $0.63 EPS. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. 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, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.