Steward Partners Investment Advisory LLC Has $5.66 Million Position in Fortinet, Inc. $FTNT

Steward Partners Investment Advisory LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 53,553 shares of the software maker’s stock after selling 1,038 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Fortinet were worth $5,662,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings 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 buying an additional 1,024,516 shares during the last quarter. Geode Capital Management LLC raised 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 during the last quarter. Invesco Ltd. boosted its holdings in Fortinet by 2.2% in the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after purchasing an additional 181,835 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Fortinet by 17.1% in 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 during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after purchasing an additional 49,238 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FTNT shares. Scotiabank decreased their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Royal Bank Of Canada lowered their price objective 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. Cowen cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $90.37.

Fortinet Stock Down 0.4%

Shares of FTNT opened at $80.55 on Thursday. The company has a market capitalization of $59.90 billion, a P/E ratio of 32.09, a PEG ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The business’s 50 day simple moving average is $83.60 and its 200-day simple moving average is $91.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share (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 the consensus estimate of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS. 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, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction that occurred 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 directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% 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.

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.