Fortinet, Inc. $FTNT Stake Decreased by Wealth Quarterback LLC

Wealth Quarterback LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and 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 large investors have also recently added to or reduced their stakes in the business. Saudi Central Bank acquired a new position in Fortinet during the 1st quarter worth $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet during the first quarter valued at about $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in Fortinet by 2,184.6% in 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. Mechanics Financial Corp bought a new position in Fortinet in the 1st quarter valued at about $36,000. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after buying an additional 104 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ FTNT opened at $83.66 on Wednesday. The stock has a market capitalization of $64.11 billion, a P/E ratio of 33.33, a P/E/G ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The business’s fifty day moving average is $83.36 and its two-hundred day moving average is $92.82. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

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

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FTNT shares. Stifel Nicolaus reduced their price target on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a research note on Thursday, August 7th. Scotiabank dropped their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Barclays decreased their price target on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Robert W. Baird dropped their price objective on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Finally, BMO Capital Markets cut their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-seven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $91.82.

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.