GDS Wealth Management Purchases 25,956 Shares of Fortinet, Inc. $FTNT

GDS Wealth Management raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 52.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,615 shares of the software maker’s stock after purchasing an additional 25,956 shares during the period. GDS Wealth Management’s holdings in Fortinet were worth $7,994,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FTNT. Saudi Central Bank bought a new stake in Fortinet during the first quarter valued at $25,000. LSV Asset Management bought a new stake in shares of Fortinet during the 2nd quarter valued at about $25,000. Clearstead Trust LLC purchased a new position in shares of Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its stake in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake in Fortinet by 41.4% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after purchasing an additional 104 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’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 completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’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 transaction, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 18.00% of the stock is owned by insiders.

Fortinet Stock Down 0.5%

Shares of Fortinet stock opened at $79.73 on Thursday. 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, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company’s 50 day moving average price is $83.68 and its 200-day moving average price is $91.93. The stock has a market capitalization of $59.29 billion, a price-to-earnings ratio of 31.77, a P/E/G ratio of 3.17 and a beta of 1.08.

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, beating the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’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 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 research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. JPMorgan Chase & Co. decreased their price target on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a research note on Thursday, November 6th. Piper Sandler lowered their price target on Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. BMO Capital Markets dropped their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada reduced 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 given a Buy rating, twenty-eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $91.22.

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.