Advisors Asset Management Inc. Acquires 2,113 Shares of Fortinet, Inc. $FTNT

Advisors Asset Management Inc. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 42,425 shares of the software maker’s stock after purchasing an additional 2,113 shares during the quarter. Advisors Asset Management Inc.’s holdings in Fortinet were worth $4,485,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. AQR Capital Management LLC lifted its position in Fortinet by 40.9% in the 1st 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. Nuveen LLC acquired a new position in Fortinet in the 1st quarter worth $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Fortinet by 17.1% during the 1st 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. Finally, Montrusco Bolton Investments Inc. acquired a new stake in shares of Fortinet in the 2nd quarter valued at about $108,056,000. 83.71% of the stock is currently 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 dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, 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 legal filing with the SEC, which is accessible 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $80.55 on Friday. The company has a 50-day simple moving average of $83.60 and a 200 day simple moving average of $91.02. 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 company has a market capitalization of $59.90 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its 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. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. The firm’s revenue for the quarter 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, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FTNT shares. Mizuho cut their target price on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research note on Thursday, November 6th. Wells Fargo & Company cut their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Truist Financial reduced their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $87.00 price target on shares of Fortinet in a research note on Monday. Finally, Royal Bank Of Canada lowered their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $90.37.

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.