Wealth Quarterback LLC Lowers Position in Fortinet, Inc. $FTNT

Wealth Quarterback LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,965 shares of the software maker’s stock after selling 1,564 shares during the period. Wealth Quarterback LLC’s holdings in Fortinet were worth $842,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. Invesco Ltd. raised its holdings in shares of Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after buying an additional 181,835 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. Northern Trust Corp lifted its holdings in Fortinet by 0.8% in the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after buying an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after acquiring an additional 1,733,670 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Piper Sandler decreased their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 price target on shares of Fortinet in a report on Thursday, November 6th. Finally, UBS Group decreased their price objective on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $91.82.

Fortinet Stock Up 1.7%

Shares of NASDAQ:FTNT opened at $83.66 on Wednesday. The company’s fifty day moving average is $83.36 and its two-hundred day moving average is $92.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. 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 $64.11 billion, a price-to-earnings ratio of 33.33, a price-to-earnings-growth 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 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. The business 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of the stock in a transaction that occurred on 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $86.53, for a total value 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. This trade represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Profile

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.