Ibex Wealth Advisors Buys New Position in Fortinet, Inc. $FTNT

Ibex Wealth Advisors purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,634 shares of the software maker’s stock, valued at approximately $278,000.

Other institutional investors have also added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Fortinet by 6.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after acquiring an additional 82,937 shares during the period. Warther Private Wealth LLC grew its holdings in Fortinet by 39.7% in the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after purchasing an additional 51,750 shares during the period. Cooper Financial Group bought a new position in shares of Fortinet during the second quarter valued at approximately $2,653,000. Mainstay Capital Management LLC ADV increased its stake in shares of Fortinet by 105.8% during the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after purchasing an additional 8,643 shares in the last quarter. Finally, Motley Fool Asset Management LLC lifted its holdings in shares of Fortinet by 15.0% during the second quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock valued at $5,335,000 after purchasing an additional 6,566 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Robert W. Baird cut their price target on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Evercore ISI dropped their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Royal Bank Of Canada cut their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Finally, Barclays dropped their price target on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock 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-six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $91.82.

Fortinet Stock Up 0.6%

FTNT stock opened at $82.28 on Tuesday. The stock has a market capitalization of $63.05 billion, a P/E ratio of 32.78, a P/E/G ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The business has a fifty day moving average price of $83.23 and a 200-day moving average price of $92.95.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the company earned $0.63 EPS. Fortinet’s revenue for the quarter was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of Fortinet 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 owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 17.20% of the company’s stock.

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.