Fortinet, Inc. $FTNT Position Increased by Cetera Investment Advisers

Cetera Investment Advisers boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.1% in the second quarter, HoldingsChannel reports. The firm owned 164,728 shares of the software maker’s stock after purchasing an additional 10,934 shares during the quarter. Cetera Investment Advisers’ holdings in Fortinet were worth $17,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Saudi Central Bank acquired a new position in shares of Fortinet during the first quarter valued at $25,000. Clearstead Trust LLC bought a new stake in Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its stake in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the period. E Fund Management Hong Kong Co. Ltd. grew its position in 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 purchasing an additional 104 shares during the last quarter. Finally, Quaker Wealth Management LLC increased its stake in shares of Fortinet by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after purchasing an additional 726 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FTNT shares. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. TD Cowen reduced their price target on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, November 6th. Robert W. Baird decreased their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, August 8th. Finally, Evercore ISI dropped their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $91.22.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction 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 of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,485 shares of the business’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 transaction, the chief executive officer 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $80.15 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $59.60 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company has a 50 day moving average price of $83.67 and a two-hundred day moving average price of $92.02. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced 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. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations 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 business 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. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.