King Luther Capital Management Corp Acquires 8,207 Shares of Fortinet, Inc. $FTNT

King Luther Capital Management Corp increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 327,309 shares of the software maker’s stock after buying an additional 8,207 shares during the period. King Luther Capital Management Corp’s holdings in Fortinet were worth $34,603,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Saudi Central Bank bought a new position in shares of Fortinet during the 1st quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the first quarter worth $28,000. Caitong International Asset Management Co. Ltd increased its position in shares of Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares in the last quarter. Finally, Quaker Wealth Management LLC lifted its holdings in shares of Fortinet by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after purchasing an additional 726 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Wall Street Zen lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Rosenblatt Securities restated a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a report on Thursday. 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 research report on Friday, August 8th. Finally, Jefferies Financial Group lowered their target price on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $92.48.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated 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 $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. 17.20% of the stock is currently owned by company insiders.

Fortinet Stock Performance

FTNT opened at $81.79 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $62.67 billion, a PE ratio of 32.59, a P/E/G ratio of 3.17 and a beta of 1.08. The firm has a 50 day moving average of $83.16 and a two-hundred day moving average of $93.10.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. 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. Q4 2025 guidance at 0.730-0.750 EPS. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.