Wealthedge Investment Advisors LLC Buys New Position in Fortinet, Inc. $FTNT

Wealthedge Investment Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,134 shares of the software maker’s stock, valued at approximately $437,000.

Several other large investors also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new position in Fortinet in the 4th quarter worth $585,000. LPL Financial LLC boosted its position in Fortinet by 35.3% in the 1st quarter. LPL Financial LLC now owns 380,157 shares of the software maker’s stock valued at $36,594,000 after buying an additional 99,087 shares during the last quarter. Alberta Investment Management Corp acquired a new stake in shares of Fortinet during the first quarter valued at about $4,486,000. Finally, TIAA Trust National Association increased its position in shares of Fortinet by 401.2% during the first quarter. TIAA Trust National Association now owns 13,121 shares of the software maker’s stock worth $1,263,000 after acquiring an additional 10,503 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on FTNT shares. Robert W. Baird reduced their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Wells Fargo & Company decreased their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Wedbush cut their price target on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Mizuho reduced their target price on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday, November 6th. Finally, Erste Group Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $90.37.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the sale, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. The trade was 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 insiders.

Fortinet Stock Up 0.7%

Shares of Fortinet stock opened at $81.13 on Monday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market capitalization of $60.33 billion, a PE ratio of 32.32, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock’s fifty day moving average is $83.53 and its 200-day moving average is $90.69.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter last 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. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current 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.