Fortinet, Inc. $FTNT Shares Sold by RPG Investment Advisory LLC

RPG Investment Advisory LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 49.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 211,537 shares of the software maker’s stock after selling 210,069 shares during the quarter. Fortinet comprises about 2.8% of RPG Investment Advisory LLC’s holdings, making the stock its 11th largest holding. RPG Investment Advisory LLC’s holdings in Fortinet were worth $22,364,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Laurel Wealth Advisors LLC grew its position in shares of Fortinet by 10,480.0% during the second quarter. Laurel Wealth Advisors LLC now owns 529 shares of the software maker’s stock worth $56,000 after buying an additional 524 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its holdings in Fortinet by 33.6% during the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 1,054 shares of the software maker’s stock worth $111,000 after acquiring an additional 265 shares in the last quarter. CreativeOne Wealth LLC raised its stake in shares of Fortinet by 3.4% in the 2nd quarter. CreativeOne Wealth LLC now owns 19,920 shares of the software maker’s stock valued at $2,106,000 after purchasing an additional 663 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Fortinet by 0.7% during the second quarter. Ameritas Investment Partners Inc. now owns 68,849 shares of the software maker’s stock worth $7,278,000 after purchasing an additional 474 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in shares of Fortinet during the second quarter worth about $471,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction 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 $4,445,911,452.29. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s 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 transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 price objective on shares of Fortinet in a report on Monday. Robert W. Baird lowered their target price on Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Jefferies Financial Group lowered their price objective on Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $90.37.

Fortinet Price Performance

FTNT opened at $79.77 on Tuesday. The firm has a market capitalization of $59.32 billion, a P/E ratio of 31.78, a PEG ratio of 3.17 and a beta of 1.08. The stock has a fifty day moving average of $83.58 and a 200-day moving average of $91.29. 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, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

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

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.