Frank Rimerman Advisors LLC Boosts Holdings in Fortinet, Inc. $FTNT

Frank Rimerman Advisors LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,811 shares of the software maker’s stock after acquiring an additional 1,423 shares during the period. Frank Rimerman Advisors LLC’s holdings in Fortinet were worth $1,566,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. LSV Asset Management purchased a new position in Fortinet during the second quarter worth approximately $25,000. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Fortinet by 7.1% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 7,411 shares of the software maker’s stock worth $783,000 after buying an additional 493 shares during the last quarter. Raiffeisen Bank International AG raised its position in shares of Fortinet by 40.0% in the 2nd quarter. Raiffeisen Bank International AG now owns 84,290 shares of the software maker’s stock worth $8,740,000 after buying an additional 24,069 shares during the period. Symphony Financial Ltd. Co. acquired a new position in Fortinet in the second quarter valued at $16,902,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in Fortinet by 30.9% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,054,035 shares of the software maker’s stock valued at $111,433,000 after acquiring an additional 248,931 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 2.2%

NASDAQ FTNT opened at $80.15 on Wednesday. The stock has a market cap of $59.60 billion, a P/E ratio of 31.93, a PEG ratio of 3.17 and a beta of 1.08. The company’s fifty day simple moving average is $83.67 and its 200-day simple moving average is $92.02. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

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

Analysts Set New Price Targets

A number of research firms have recently commented on FTNT. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective on the stock. in a report on Wednesday, November 12th. JPMorgan Chase & Co. cut their price target on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $91.22.

Insider Activity

In related news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,485 shares of the firm’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 value of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 18.00% of the company’s stock.

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.