Savant Capital LLC Sells 27,608 Shares of Fortinet, Inc. $FTNT

Savant Capital LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 85,536 shares of the software maker’s stock after selling 27,608 shares during the period. Savant Capital LLC’s holdings in Fortinet were worth $9,043,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Saudi Central Bank bought a new position in Fortinet in the first quarter valued at approximately $25,000. Clearstead Trust LLC acquired a new stake in shares of Fortinet during the first quarter worth $28,000. Caitong International Asset Management Co. Ltd lifted its position in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares in the last quarter. Mechanics Financial Corp bought a new stake in Fortinet in the 1st quarter valued at $36,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its stake in Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTNT shares. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Piper Sandler cut their target price on Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays reduced their price target on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Thursday. Morgan Stanley reiterated an “underweight” rating and issued a $67.00 price objective (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Finally, Scotiabank cut their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $92.48.

Fortinet Trading Up 1.6%

Shares of FTNT stock opened at $81.79 on Friday. The firm has a 50 day moving average price of $83.16 and a two-hundred day moving average price of $93.11. The company has a market capitalization of $62.67 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month 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 posted its 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. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s revenue was up 14.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated 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 $907,874,317.54. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer directly 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. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by insiders.

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.