Fortinet, Inc. $FTNT Shares Sold by New England Research & Management Inc.

New England Research & Management Inc. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 68.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,205 shares of the software maker’s stock after selling 17,575 shares during the period. New England Research & Management Inc.’s holdings in Fortinet were worth $690,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Dover Advisors LLC lifted its stake in shares of Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares in the last quarter. Balboa Wealth Partners lifted its position in Fortinet by 4.3% during the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after buying an additional 96 shares in the last quarter. Hemington Wealth Management boosted its position in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the period. Peloton Wealth Strategists boosted its position in Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the period. Finally, Trust Co. of Vermont increased its holdings in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.9%

FTNT opened at $81.52 on Tuesday. The stock has a market cap of $60.62 billion, a P/E ratio of 33.55, a P/E/G ratio of 3.06 and a beta of 1.10. The stock’s 50 day moving average price is $83.15 and its 200 day moving average price is $89.10. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. 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 posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 118.27% and a net margin of 28.58%.The company’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $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, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. UBS Group reduced their price objective on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Piper Sandler reduced their price target on Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. JPMorgan Chase & Co. decreased their target price on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada cut their price objective on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $90.37.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’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 completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company’s 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 owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

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.