Fortinet, Inc. $FTNT Shares Acquired by Skandinaviska Enskilda Banken AB publ

by · The Cerbat Gem

Skandinaviska Enskilda Banken AB publ boosted its position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 936,399 shares of the software maker’s stock after buying an additional 57,340 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.12% of Fortinet worth $99,005,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LSV Asset Management bought a new stake in shares of Fortinet in the 2nd quarter valued at approximately $25,000. Saudi Central Bank acquired a new position in Fortinet in the first quarter worth $25,000. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer directly 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 ownership of the stock. 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 transaction of $306,835.38. Following the completion of the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade 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 currently owned by insiders.

Fortinet Stock Performance

FTNT stock opened at $80.55 on Friday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a market capitalization of $59.90 billion, a P/E ratio of 32.09, a PEG ratio of 3.17 and a beta of 1.08. The company has a 50-day simple moving average of $83.60 and a 200 day simple moving average of $91.02. 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 (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data 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 30.60% and a return on equity of 111.46%. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the business earned $0.63 earnings per share. 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. Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTNT. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Truist Financial lowered their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.37.

View Our Latest Research Report on FTNT

Fortinet Profile

(Free Report)

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.

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