Geneos Wealth Management Inc. Has $8.66 Million Stock Position in Fortinet, Inc. $FTNT

Geneos Wealth Management Inc. boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 12.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 81,934 shares of the software maker’s stock after acquiring an additional 8,748 shares during the period. Geneos Wealth Management Inc.’s holdings in Fortinet were worth $8,662,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Fortinet by 1.4% during the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after purchasing an additional 1,024,516 shares during the period. State Street Corp increased its stake in Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after purchasing an additional 862,468 shares in the last quarter. Geode Capital Management LLC increased its stake in Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after purchasing an additional 828,569 shares in the last quarter. Norges Bank acquired a new position in Fortinet during the second quarter worth $1,640,900,000. Finally, Invesco Ltd. raised its holdings in Fortinet by 7.9% during the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock worth $977,718,000 after buying an additional 677,654 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. Piper Sandler reduced their price objective on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Royal Bank Of Canada dropped their price target on shares of Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. UBS Group decreased their price objective on Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 target price on shares of Fortinet in a research report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $90.37.

Fortinet Stock Down 0.3%

FTNT opened at $82.22 on Monday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company’s 50-day moving average price is $83.24 and its two-hundred day moving average price is $89.24. The stock has a market cap of $61.14 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 3.06 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the business posted $0.63 EPS. Fortinet’s quarterly revenue was up 14.4% compared to the same quarter last year. 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, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was 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 of the company’s stock, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value 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 $907,874,317.54. This represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 18.00% of the stock is owned by corporate insiders.

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.