BDF Gestion lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 68.3% during the third quarter, HoldingsChannel.com reports. The fund owned 9,145 shares of the software maker’s stock after selling 19,710 shares during the quarter. BDF Gestion’s holdings in Fortinet were worth $1,635,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. BlackRock Inc. purchased a new stake in Fortinet during the 2nd quarter worth $9,561,650,000. Bank of New York Mellon Corp acquired a new stake in Fortinet in the 2nd quarter valued at $1,432,842,000. Legal & General Group Plc acquired a new stake in Fortinet in the 2nd quarter valued at $979,062,000. Arrowstreet Capital Limited Partnership raised its position in Fortinet by 87.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the period. Finally, Bank of America Corp DE purchased a new position in Fortinet in the second quarter valued at about $656,852,000. Institutional investors and hedge funds own 83.71% of the company’s stock.
Insider Buying and Selling at Fortinet
In other Fortinet news, COO John Whittle sold 2,835 shares of Fortinet stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total transaction of $478,377.90. Following the sale, the chief operating officer directly owned 96,987 shares in the company, valued at $16,365,586.38. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the completion of the transaction, the vice president directly owned 9,918,360 shares in the company, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 221,303 shares of company stock worth $36,164,034 in the last 90 days. 17.60% of the stock is owned by corporate insiders.
Fortinet Stock Up 1.5%
Shares of NASDAQ FTNT traded up $2.51 during midday trading on Monday, reaching $171.64. 1,701,874 shares of the company’s stock were exchanged, compared to its average volume of 5,814,665. Fortinet, Inc. has a 52-week low of $73.55 and a 52-week high of $197.13. The stock has a market capitalization of $125.94 billion, a PE ratio of 60.41, a price-to-earnings-growth ratio of 3.16 and a beta of 1.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The business’s fifty day moving average price is $169.33 and its two-hundred day moving average price is $143.30.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%. The company’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Analysts forecast that Fortinet, Inc. will post 3.10 EPS for the current year.
Analysts Set New Price Targets
A number of research analysts have commented on the company. Royal Bank Of Canada boosted their price objective on Fortinet from $185.00 to $205.00 and gave the stock a “sector perform” rating in a research note on Monday, October 12th. William Blair reiterated a “market perform” rating on shares of Fortinet in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $160.00 target price (up from $100.00) on shares of Fortinet in a report on Thursday, July 30th. Robert W. Baird set a $165.00 target price on Fortinet and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Wells Fargo & Company boosted their price target on Fortinet from $135.00 to $160.00 and gave the stock an “underweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $160.92.
Read Our Latest Research Report on FTNT
About Fortinet
Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.
Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.
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