Los Angeles Capital Management LLC Trims Position in Fortinet, Inc. $FTNT

Los Angeles Capital Management LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.5% during the second quarter, Holdings Channel reports. The institutional investor owned 1,364,360 shares of the software maker’s stock after selling 655,843 shares during the period. Los Angeles Capital Management LLC’s holdings in Fortinet were worth $144,240,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter worth about $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted 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 purchasing an additional 284 shares during the period. Mechanics Financial Corp purchased a new stake in Fortinet during the 1st quarter valued at approximately $36,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in shares of Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after buying an additional 104 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Royal Bank Of Canada cut their target price on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research note on Thursday. DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, August 8th. Wells Fargo & Company decreased their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Piper Sandler decreased their price objective on Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Mizuho cut their target price on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $92.48.

Insider Buying and Selling

In other news, 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president directly 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. Corporate insiders own 17.20% of the company’s stock.

Fortinet Trading Up 1.6%

FTNT stock opened at $81.79 on Friday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The stock has a market capitalization of $62.67 billion, a price-to-earnings ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm’s fifty day simple moving average is $83.16 and its two-hundred day simple moving average is $93.11.

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

About Fortinet

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.