Buckhead Capital Management LLC Raises Stock Holdings in Fortinet, Inc. $FTNT

Buckhead Capital Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 31.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 56,856 shares of the software maker’s stock after acquiring an additional 13,587 shares during the period. Fortinet comprises 1.7% of Buckhead Capital Management LLC’s portfolio, making the stock its 17th biggest position. Buckhead Capital Management LLC’s holdings in Fortinet were worth $4,780,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FTNT. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Fortinet by 6.8% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after acquiring an additional 82,937 shares in the last quarter. Warther Private Wealth LLC increased its holdings in Fortinet by 39.7% during the 2nd quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after purchasing an additional 51,750 shares during the period. Cooper Financial Group bought a new stake in Fortinet during the 2nd quarter valued at $2,653,000. Mainstay Capital Management LLC ADV lifted its holdings in shares of Fortinet by 105.8% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after buying an additional 8,643 shares during the period. Finally, Motley Fool Asset Management LLC grew its position in shares of Fortinet by 15.0% during the 2nd quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock worth $5,335,000 after buying an additional 6,566 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FTNT shares. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a report on Wednesday, November 12th. UBS Group reduced their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Jefferies Financial Group dropped their price objective on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, November 6th. Morgan Stanley reissued an “underweight” rating and set a $70.00 price objective (up from $66.00) on shares of Fortinet in a report on Thursday. Finally, Royal Bank Of Canada lowered their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $90.11.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% 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 the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. The trade was a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of FTNT opened at $79.75 on Friday. The company has a 50 day moving average of $82.83 and a two-hundred day moving average of $88.83. 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, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a market cap of $59.31 billion, a price-to-earnings ratio of 32.82, a price-to-earnings-growth ratio of 2.96 and a beta of 1.10.

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

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.