Flow Traders U.S. LLC Invests $685,000 in Fortinet, Inc. $FTNT

Flow Traders U.S. LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,477 shares of the software maker’s stock, valued at approximately $685,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Dover Advisors LLC increased its position 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 acquiring an additional 94 shares during the last quarter. Balboa Wealth Partners boosted its holdings in Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares during the last quarter. Hemington Wealth Management grew its stake in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after purchasing an additional 99 shares in the last quarter. Peloton Wealth Strategists increased its holdings in Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the last quarter. Finally, Trust Co. of Vermont increased its holdings in Fortinet by 3.6% during the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated 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 transaction, the vice president directly 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. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction dated 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 position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FTNT shares. Piper Sandler reduced their target price on Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Mizuho reduced their price objective on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research note on Thursday, November 6th. TD Cowen decreased their price objective on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, November 6th. Daiwa Capital Markets lowered shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research note on Wednesday, November 12th. Finally, Hsbc Global Res downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $90.37.

Fortinet Stock Performance

Shares of FTNT stock opened at $81.60 on Thursday. The company has a market cap of $60.68 billion, a P/E ratio of 33.58, a PEG ratio of 3.11 and a beta of 1.10. The business has a 50 day moving average of $83.39 and a two-hundred day moving average of $89.65. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week 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, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the firm earned $0.63 EPS. The business’s quarterly revenue 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. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current 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.