CW Advisors LLC Lowers Stock Holdings in Fortinet, Inc. $FTNT

CW Advisors LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.8% in the 2nd quarter, Holdings Channel reports. The fund owned 82,170 shares of the software maker’s stock after selling 6,001 shares during the quarter. CW Advisors LLC’s holdings in Fortinet were worth $8,687,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dover Advisors LLC raised its stake in shares of Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares during the last quarter. Balboa Wealth Partners increased its stake in Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after buying an additional 96 shares during the period. Hemington Wealth Management raised its position in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after buying an additional 99 shares during the last quarter. Peloton Wealth Strategists lifted its stake in shares of Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after acquiring an additional 100 shares during the period. Finally, Trust Co. of Vermont boosted its holdings in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after acquiring an additional 100 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction on 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 directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FTNT shares. Daiwa America cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a research note on Wednesday, November 12th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target on shares of Fortinet in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Finally, BMO Capital Markets cut their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $90.37.

Fortinet Price Performance

Fortinet stock opened at $85.18 on Friday. The firm has a market capitalization of $63.34 billion, a PE ratio of 35.05, a P/E/G ratio of 3.13 and a beta of 1.10. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The firm’s 50-day simple moving average is $83.45 and its 200 day simple moving average is $90.30. 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 posted its 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 firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

About Fortinet

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.