GAM Holding AG Trims Stock Holdings in Fortinet, Inc. $FTNT

GAM Holding AG lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.8% in the third quarter, HoldingsChannel.com reports. The fund owned 22,174 shares of the software maker’s stock after selling 10,846 shares during the quarter. GAM Holding AG’s holdings in Fortinet were worth $1,864,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.4% during the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after purchasing an additional 1,024,516 shares during the period. State Street Corp increased its holdings in Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after buying an additional 862,468 shares during the period. Geode Capital Management LLC raised its position in Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after buying an additional 828,569 shares during the last quarter. Norges Bank acquired a new stake in Fortinet during the 2nd quarter valued at approximately $1,640,900,000. Finally, Invesco Ltd. lifted its stake in Fortinet by 7.9% during the 2nd quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock valued at $977,718,000 after acquiring an additional 677,654 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 value of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Down 1.9%

Fortinet stock opened at $77.88 on Friday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The stock has a market capitalization of $57.92 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.72 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The business has a 50 day simple moving average of $82.02 and a 200-day simple moving average of $87.05.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.63 by $0.11. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of a number of research reports. TD Cowen cut their price objective on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortinet in a research note on Monday, December 29th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Fortinet in a report on Wednesday, December 17th. UBS Group dropped their target price on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Finally, Daiwa America downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $90.11.

Fortinet 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.