PAX Financial Group LLC Sells 23,158 Shares of Fortinet, Inc. $FTNT

PAX Financial Group LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,392 shares of the software maker’s stock after selling 23,158 shares during the quarter. PAX Financial Group LLC’s holdings in Fortinet were worth $3,424,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Dover Advisors LLC raised its holdings in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after acquiring an additional 94 shares during the period. Balboa Wealth Partners increased its stake in shares of Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after purchasing an additional 96 shares during the period. Hemington Wealth Management lifted its position in shares of Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the last quarter. Peloton Wealth Strategists boosted its stake in Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the period. Finally, Trust Co. of Vermont grew its holdings in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $82.31 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a 50-day moving average of $83.63 and a 200-day moving average of $92.36. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a market capitalization of $61.21 billion, a price-to-earnings ratio of 32.79, a PEG ratio of 3.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted 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 during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $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, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FTNT. BMO Capital Markets cut their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Daiwa Capital Markets lowered shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research report on Wednesday, November 12th. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Wedbush decreased their price target 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. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $91.62.

Insider Activity at Fortinet

In other 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 value of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was 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 approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by company 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.