Atlantic Union Bankshares Corp Raises Stock Position in Fortinet, Inc. $FTNT

Atlantic Union Bankshares Corp boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 35.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,915 shares of the software maker’s stock after purchasing an additional 14,666 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $5,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Fortinet by 6.8% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after buying an additional 82,937 shares during the period. Warther Private Wealth LLC lifted its holdings in Fortinet by 39.7% in the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after acquiring an additional 51,750 shares during the last quarter. Cooper Financial Group purchased a new position in Fortinet in the second quarter worth approximately $2,653,000. Mainstay Capital Management LLC ADV increased its stake in Fortinet by 105.8% during the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after acquiring an additional 8,643 shares during the last quarter. Finally, Motley Fool Asset Management LLC raised its position in Fortinet by 15.0% in the second quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock valued at $5,335,000 after purchasing an additional 6,566 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $80.54 on Friday. 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, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The firm has a market cap of $61.72 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company’s 50 day moving average is $83.10 and its two-hundred day moving average is $93.19.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $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. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FTNT. Cantor Fitzgerald increased their price target on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Evercore ISI dropped their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. BMO Capital Markets decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a report on Thursday, August 7th. Wedbush dropped their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Finally, Jefferies Financial Group decreased their price target on Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $92.57.

Fortinet Company 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.