Flow Traders U.S. LLC Takes Position in Fortinet, Inc. $FTNT

Flow Traders U.S. LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,477 shares of the software maker’s stock, valued at approximately $685,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new position in Fortinet in the 4th quarter valued at about $585,000. SouthState Corp acquired a new position in Fortinet in the 1st quarter valued at about $54,000. Meridian Wealth Management LLC lifted its holdings in Fortinet by 46.5% in the 1st quarter. Meridian Wealth Management LLC now owns 11,171 shares of the software maker’s stock valued at $1,075,000 after purchasing an additional 3,547 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in shares of Fortinet by 7.3% during the 1st quarter. Public Sector Pension Investment Board now owns 96,977 shares of the software maker’s stock worth $9,335,000 after purchasing an additional 6,586 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $81.60 on Thursday. The business has a 50-day moving average of $83.39 and a two-hundred day moving average of $89.65. The firm has a market capitalization of $60.68 billion, a PE ratio of 33.58, a P/E/G ratio of 3.11 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month 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 118.27% and a net margin of 28.58%.The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the business earned $0.63 EPS. The company’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 and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTNT. UBS Group cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target for the company. in a report on Wednesday, November 12th. Morgan Stanley reissued an “underweight” rating and set a $67.00 price target (down previously from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 price objective on shares of Fortinet in a research report on Monday, November 24th. Finally, Hsbc Global Res lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.