Nisa Investment Advisors LLC Cuts Stake in Fortinet, Inc. $FTNT

Nisa Investment Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 143,541 shares of the software maker’s stock after selling 61,119 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Fortinet were worth $12,069,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Dover Advisors LLC grew its position in shares of Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after acquiring an additional 94 shares during the period. Balboa Wealth Partners grew its holdings in Fortinet by 4.3% during the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares during the period. Hemington Wealth Management increased its position in Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after buying an additional 99 shares during the last quarter. Trust Co. of Vermont increased its position in Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after buying an additional 100 shares during the last quarter. Finally, Board of the Pension Protection Fund raised its stake in shares of Fortinet by 4.5% in the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock valued at $243,000 after buying an additional 100 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $79.22 on Friday. The company’s 50 day simple moving average is $81.37 and its two-hundred day simple moving average is $86.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The stock has a market capitalization of $58.91 billion, a PE ratio of 32.60, a P/E/G ratio of 2.77 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business earned $0.63 EPS. The business’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 and its Q4 2025 guidance at 0.730-0.750 EPS. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Jefferies Financial Group decreased their price objective on Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, November 6th. Mizuho lowered their price target on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings restated a “hold (c)” rating on shares of Fortinet in a research note on Monday, December 29th. Royal Bank Of Canada reduced their price objective on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $75.00 target price (down previously from $85.00) on shares of Fortinet in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $90.30.

Insider Transactions 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 value of $13,710,537.35. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by corporate insiders.

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co?founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia?Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next?generation firewalls and the FortiOS operating system forming a core platform.