Fortinet, Inc. $FTNT Shares Sold by Praxis Investment Management Inc.

Praxis Investment Management Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 34.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,416 shares of the software maker’s stock after selling 6,654 shares during the quarter. Praxis Investment Management Inc.’s holdings in Fortinet were worth $1,044,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Saudi Central Bank purchased a new position in shares of Fortinet in the 1st quarter valued at about $25,000. LSV Asset Management acquired a new position in Fortinet during the second quarter worth about $25,000. Caitong International Asset Management Co. Ltd increased its holdings in Fortinet by 2,184.6% in the first 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. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares during the period. Finally, Quaker Wealth Management LLC boosted its stake in shares of Fortinet by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after acquiring an additional 726 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the 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 transaction, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $82.22 on Monday. The stock has a market capitalization of $61.14 billion, a P/E ratio of 33.84, a P/E/G ratio of 3.06 and a beta of 1.10. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The firm’s 50-day moving average is $83.24 and its two-hundred day moving average is $89.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm’s quarterly revenue was up 14.4% on a year-over-year basis. During the same period last year, the company earned $0.63 EPS. 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 analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FTNT shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Thursday, November 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 price target on shares of Fortinet in a research note on Monday, November 24th. TD Cowen decreased their price objective on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. Finally, Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $90.37.

Fortinet Company 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.