Fortinet, Inc. $FTNT Shares Acquired by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 8.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,859 shares of the software maker’s stock after buying an additional 6,925 shares during the period. Geneos Wealth Management Inc.’s holdings in Fortinet were worth $7,471,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Fortinet by 6.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock worth $137,800,000 after purchasing an additional 82,937 shares during the last quarter. Warther Private Wealth LLC lifted its stake in shares of Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after buying an additional 51,750 shares during the period. Asset Management One Co. Ltd. boosted its position in Fortinet by 4.7% during the third quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker’s stock worth $33,824,000 after acquiring an additional 17,892 shares during the last quarter. Cooper Financial Group purchased a new stake in Fortinet in the 2nd quarter worth approximately $2,653,000. Finally, Czech National Bank grew its stake in Fortinet by 6.5% in the 3rd quarter. Czech National Bank now owns 165,423 shares of the software maker’s stock worth $13,909,000 after acquiring an additional 10,135 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, 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 trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the vice president owned 10,492,018 shares in the company, valued at $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. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FTNT. Mizuho decreased their price objective on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday, November 6th. UBS Group cut their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. TD Cowen reduced their target price on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. Jefferies Financial Group lowered their price target on Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, November 6th. Finally, Royal Bank Of Canada cut 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. 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $90.30.

Fortinet Stock Up 0.6%

FTNT opened at $78.44 on Wednesday. The stock’s 50 day moving average price is $81.72 and its 200 day moving average price is $86.64. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The stock has a market cap of $58.33 billion, a P/E ratio of 32.28, a P/E/G ratio of 2.72 and a beta of 1.07. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last released 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. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company’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 earnings per share. 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 predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

About Fortinet

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.