Prudential PLC Decreases Stock Holdings in Fortinet, Inc. $FTNT

Prudential PLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 59.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 55,983 shares of the software maker’s stock after selling 82,471 shares during the period. Prudential PLC’s holdings in Fortinet were worth $5,919,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Saudi Central Bank purchased a new position in Fortinet in the first quarter worth $25,000. LSV Asset Management acquired a new stake in shares of Fortinet in the 2nd quarter worth $25,000. Clearstead Trust LLC purchased a new position in Fortinet during the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd increased its position in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake in Fortinet by 41.4% in 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.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. TD Cowen dropped their price target on Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, November 6th. Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Mizuho lowered their price objective on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research note on Thursday, November 6th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $91.22.

Fortinet Price Performance

Fortinet stock opened at $78.86 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $83.60 and a 200-day simple moving average of $91.63. The stock has a market cap of $58.64 billion, a P/E ratio of 31.42, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the firm earned $0.63 earnings per share. Fortinet’s quarterly revenue 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. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the firm’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 transaction of $13,710,537.35. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the business’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 transaction of $306,835.38. Following 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 position. Additional details regarding this sale are available in the official SEC disclosure. Corporate 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.