Stance Capital LLC Buys Shares of 12,765 Fortinet, Inc. $FTNT

Stance Capital LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,765 shares of the software maker’s stock, valued at approximately $1,350,000.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the last quarter. Bison Wealth LLC bought a new stake in shares of Fortinet in the fourth quarter valued at approximately $585,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Fortinet by 2,184.6% during the 1st 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 during the period. Horizon Investments LLC lifted its stake in shares of Fortinet by 183.3% in the first quarter. Horizon Investments LLC now owns 24,608 shares of the software maker’s stock valued at $2,369,000 after buying an additional 15,922 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Fortinet by 6.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,784,746 shares of the software maker’s stock valued at $268,044,000 after acquiring an additional 173,285 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $82.22 on Friday. The stock has a market capitalization of $61.14 billion, a PE ratio of 33.84, a PEG ratio of 3.06 and a beta of 1.10. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average of $83.24 and a 200-day moving average of $89.35. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating 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 return on equity of 118.27% and a net margin of 28.58%.The business’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, 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 transaction 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 trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. UBS Group decreased their target price on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Morgan Stanley restated an “underweight” rating and issued a $67.00 target price (down previously from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. reduced their target price on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Robert W. Baird decreased their price objective on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.