Pitcairn Co. Has $1.55 Million Holdings in Fortinet, Inc. $FTNT

Pitcairn Co. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 14,669 shares of the software maker’s stock after selling 6,930 shares during the quarter. Pitcairn Co.’s holdings in Fortinet were worth $1,551,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FTNT. Norges Bank acquired a new stake in Fortinet during the 2nd quarter valued at $1,640,900,000. AQR Capital Management LLC grew its holdings in shares of Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Fortinet by 1.4% in the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after buying an additional 1,024,516 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. acquired a new position in Fortinet during the 2nd quarter worth about $108,056,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $82.22 on Monday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The company has a market cap of $61.14 billion, a P/E ratio of 33.84, a price-to-earnings-growth ratio of 3.06 and a beta of 1.10. The business’s fifty day moving average is $83.24 and its 200-day moving average is $89.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. The firm’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company’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 completion of the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the stock in a transaction on Monday, November 3rd. The stock was 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 in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Rosenblatt Securities restated a “neutral” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Thursday, November 6th. Jefferies Financial Group lowered their price target on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, November 6th. Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. UBS Group decreased their price objective on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, Barclays lowered their target price on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have issued 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 a consensus price target of $90.37.

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.