Hillsdale Investment Reduces Fortinet Stake by 12.9% in Q2

Hillsdale Investment Management Inc. has reduced its stake in Fortinet, Inc. (NASDAQ: FTNT) by 12.9% during the second quarter of 2023. According to a report from HoldingsChannel, the firm sold 800 shares, leaving it with a total of 5,400 shares. As of the latest filing with the Securities and Exchange Commission (SEC), Hillsdale’s investment in Fortinet is valued at approximately $571,000.

In addition to Hillsdale’s divestment, several other large investors have recently adjusted their positions in Fortinet. For instance, the Saudi Central Bank initiated a new position in the first quarter, valued at around $25,000. Similarly, LSV Asset Management and Clearstead Trust LLC also acquired new stakes in Fortinet, each valued at about $25,000 and $28,000 respectively. Notably, Caitong International Asset Management Co. Ltd. significantly increased its holdings by 2,184.6% during the first quarter, now owning 297 shares valued at approximately $29,000. Meanwhile, E Fund Management Hong Kong Co. Ltd. raised its stake by 41.4% in the second quarter, owning 355 shares worth around $38,000. Currently, institutional investors hold 83.71% of Fortinet’s stock.

Analyst Ratings and Price Targets

Several equities research analysts have recently provided updates on Fortinet’s stock. Wedbush lowered its price objective from $120.00 to $100.00 while maintaining an “outperform” rating. On August 7, Scotiabank also reduced its price target from $115.00 to $85.00, assigning a “sector outperform” rating. Other analysts, including Robert W. Baird and Jefferies Financial Group, adjusted their targets downwards, reflecting a cautious sentiment towards the stock.

Overall, Fortinet currently holds a consensus rating of “Hold” with a target price of approximately $91.22, according to MarketBeat.com. Among the analysts, one has issued a Strong Buy rating, five have a Buy rating, 28 have a Hold rating, and two have issued a Sell rating.

Fortinet’s Recent Performance

Fortinet shares opened at $78.86 on Monday and have demonstrated volatility over the past year, with a low of $70.12 and a high of $114.82. The company maintains a market capitalization of $58.64 billion and a price-to-earnings ratio of 31.42. Fortinet’s last quarterly earnings report, released on November 5, 2023, revealed earnings per share (EPS) of $0.74, surpassing the consensus estimate of $0.63 by $0.11. The company reported revenues of $1.72 billion, exceeding expectations of $1.70 billion, marking a year-over-year revenue increase of 14.4%.

Looking forward, Fortinet has set its fiscal year 2025 guidance for EPS between $2.660 and $2.700, with fourth-quarter guidance projected at $0.730 to $0.750.

Insider transactions at Fortinet show significant activity. CEO Ken Xie sold 158,485 shares on November 3, 2023, at an average price of $86.51, totaling approximately $13.71 million. Following this transaction, he retains 51,391,879 shares, valued at about $4.45 billion. Additionally, Vice President Michael Xie sold 3,546 shares for around $306,835.38, maintaining ownership of approximately 10,492,018 shares.

With 17.20% of its stock owned by corporate insiders, Fortinet continues to be a significant player in the cybersecurity sector. The company provides a range of solutions that integrate networking and security, such as firewalls, wireless LAN solutions, and secure connectivity products.

For further updates on Fortinet’s performance and investor activities, stakeholders are encouraged to monitor the latest filings and reports available through reputable financial news platforms.