Tema Etfs LLC Buys 6,141 Shares of Fortinet, Inc. $FTNT

Tema Etfs LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 117.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,363 shares of the software maker’s stock after buying an additional 6,141 shares during the period. Tema Etfs LLC’s holdings in Fortinet were worth $1,201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management bought a new stake in shares of Fortinet during the second quarter valued at approximately $25,000. Saudi Central Bank bought a new position in shares of Fortinet in the 1st quarter worth $25,000. Caitong International Asset Management Co. Ltd grew its position in Fortinet by 2,184.6% in the 1st 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 during the period. E Fund Management Hong Kong Co. Ltd. increased its stake in Fortinet by 41.4% during the 2nd 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. Finally, Quaker Wealth Management LLC raised its holdings in Fortinet by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after buying an additional 726 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 2.9%

NASDAQ FTNT opened at $85.18 on Friday. The stock has a market capitalization of $63.34 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 3.13 and a beta of 1.10. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The business’s fifty day moving average is $83.45 and its 200-day moving average is $90.30.

Fortinet (NASDAQ:FTNT) last posted 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 company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the 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 directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the firm’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 sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. DZ Bank upgraded 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. Piper Sandler dropped their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. UBS Group decreased their price objective on Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Evercore ISI lowered their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Finally, Scotiabank cut their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. One 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 given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $90.37.

Fortinet Company 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.