Renaissance Group LLC Sells 2,745 Shares of Fortinet, Inc. $FTNT

Renaissance Group LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 22.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,477 shares of the software maker’s stock after selling 2,745 shares during the quarter. Renaissance Group LLC’s holdings in Fortinet were worth $1,002,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Fortinet by 1.4% during 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. Geode Capital Management LLC boosted its position in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the last quarter. Invesco Ltd. increased its position in Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after purchasing an additional 181,835 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Fortinet by 17.1% during 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 purchasing an additional 1,026,277 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after purchasing an additional 49,238 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were 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 of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Wedbush decreased their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. TD Cowen dropped their target price on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, November 6th. Hsbc Global Res downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Finally, Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $91.22.

Fortinet Stock Down 0.5%

Shares of NASDAQ:FTNT opened at $79.73 on Thursday. The business’s 50 day moving average is $83.68 and its 200 day moving average is $91.93. The stock has a market cap of $59.29 billion, a P/E ratio of 31.77, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the business earned $0.63 EPS. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet 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.