Wealth Enhancement Advisory Services LLC Acquires 622,809 Shares of Fortinet, Inc. $FTNT

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 465.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 756,651 shares of the software maker’s stock after buying an additional 622,809 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.10% of Fortinet worth $64,255,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Fortinet during the 2nd quarter valued at about $1,640,900,000. Vanguard Group Inc. boosted its position in Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after acquiring an additional 1,024,516 shares in the last quarter. Montrusco Bolton Investments Inc. purchased a new position in shares of Fortinet during the 2nd quarter worth approximately $108,056,000. State Street Corp raised its position in shares of Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after acquiring an additional 862,468 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock worth $1,783,091,000 after acquiring an additional 828,569 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Daiwa Capital Markets cut Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target on the stock. in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Fortinet in a research report on Monday, December 29th. Piper Sandler reissued a “neutral” rating and set a $90.00 price target (up from $85.00) on shares of Fortinet in a research report on Monday, January 5th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $75.00 price objective (down previously from $85.00) on shares of Fortinet in a research note on Wednesday, December 17th. Finally, Truist Financial set a $88.00 target price on shares of Fortinet in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $90.04.

Insider Activity

In other Fortinet news, 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 completion of the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the company’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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Down 0.3%

Fortinet stock traded down $0.25 during trading hours on Tuesday, hitting $75.13. The stock had a trading volume of 891,090 shares, compared to its average volume of 6,047,257. The stock’s 50-day moving average price is $80.51 and its 200-day moving average price is $84.97. The stock has a market capitalization of $55.87 billion, a P/E ratio of 30.90, a price-to-earnings-growth ratio of 2.63 and a beta of 1.07. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. 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 announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating 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 the consensus estimate of $1.70 billion. During the same quarter last year, the firm earned $0.63 earnings per share. The firm’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. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.