NorthCrest Asset Manangement LLC Has $5.45 Million Stake in Fortinet, Inc. $FTNT

NorthCrest Asset Manangement LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,144 shares of the software maker’s stock after buying an additional 10,590 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Fortinet were worth $5,447,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. LSV Asset Management acquired a new position in shares of Fortinet in the second quarter worth approximately $25,000. Financial Consulate Inc. acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Fortinet in the 3rd quarter valued at $25,000. E Fund Management Hong Kong Co. Ltd. increased 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 worth $38,000 after buying an additional 104 shares during the period. Finally, Quaker Wealth Management LLC raised its stake in Fortinet by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after buying an additional 726 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $75.38 on Tuesday. The firm has a market cap of $56.06 billion, a PE ratio of 31.02, a P/E/G ratio of 2.63 and a beta of 1.07. 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 business has a 50 day moving average of $80.51 and a 200-day moving average of $84.97. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $0.63 EPS. The firm’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 and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on FTNT shares. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $75.00 price objective (down from $85.00) on shares of Fortinet in a research report on Wednesday, December 17th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 price target on shares of Fortinet in a report on Monday, November 24th. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Daiwa Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research report on Wednesday, November 12th. Finally, Barclays decreased their price target on shares of 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 research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.30.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.