Creative Planning Trims Stock Holdings in Fortinet, Inc. $FTNT

Creative Planning reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 285,297 shares of the software maker’s stock after selling 7,488 shares during the period. Creative Planning’s holdings in Fortinet were worth $30,162,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FTNT. Vanguard Group Inc. lifted its holdings in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares in the last quarter. Nuveen LLC bought a new position in Fortinet in the 1st quarter worth $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Fortinet by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. purchased a new stake in Fortinet in the 2nd quarter worth $108,056,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTNT. Royal Bank Of Canada dropped their price objective on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a research note on Thursday, November 6th. Wedbush dropped their price target on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Friday, August 8th. TD Cowen lowered 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. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 target price on shares of Fortinet in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $91.62.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the company’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 value of $306,835.38. Following the sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 17.20% of the company’s stock.

Fortinet Trading Up 1.6%

FTNT stock opened at $82.31 on Monday. The firm has a fifty day moving average price of $83.63 and a 200 day moving average price of $92.36. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm has a market cap of $61.21 billion, a PE ratio of 32.79, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the business earned $0.63 earnings per share. Fortinet’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. Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.