Fortinet, Inc. $FTNT Shares Sold by Leuthold Group LLC

Leuthold Group LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,736 shares of the software maker’s stock after selling 993 shares during the period. Leuthold Group LLC’s holdings in Fortinet were worth $6,527,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FTNT. Dixon Mitchell Investment Counsel Inc. increased its position in Fortinet by 6.8% during the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 323,265 shares of the software maker’s stock worth $34,176,000 after purchasing an additional 20,679 shares during the period. West Family Investments Inc. acquired a new stake in shares of Fortinet in the 2nd quarter valued at approximately $297,000. Williamson Legacy Group LLC purchased a new stake in shares of Fortinet in the second quarter valued at approximately $258,000. Schroder Investment Management Group boosted its stake in shares of Fortinet by 12.6% in the second quarter. Schroder Investment Management Group now owns 6,048,375 shares of the software maker’s stock valued at $639,434,000 after buying an additional 674,530 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Fortinet by 19.9% during the second quarter. Mackenzie Financial Corp now owns 236,213 shares of the software maker’s stock worth $24,972,000 after acquiring an additional 39,131 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Barclays decreased their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Scotiabank dropped their target price on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a report on Thursday, August 7th. Finally, Daiwa Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target for the company. in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $90.37.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, 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 approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction 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. The trade was a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of FTNT opened at $81.13 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a market capitalization of $60.33 billion, a price-to-earnings ratio of 32.32, a PEG ratio of 3.17 and a beta of 1.08. The company’s 50 day simple moving average is $83.53 and its 200 day simple moving average is $90.78. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the company earned $0.63 EPS. Fortinet’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. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS 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.