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

Tema Etfs LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 117.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Marshall Wace LLP raised its position in shares of Fortinet by 5,845.3% in the 2nd quarter. Marshall Wace LLP now owns 500,000 shares of the software maker’s stock valued at $52,860,000 after acquiring an additional 491,590 shares during the period. Epoch Investment Partners Inc. lifted its position in Fortinet by 74.1% in the 2nd quarter. Epoch Investment Partners Inc. now owns 200,668 shares of the software maker’s stock valued at $21,215,000 after acquiring an additional 85,401 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of Fortinet by 8.0% during the second quarter. Baird Financial Group Inc. now owns 209,781 shares of the software maker’s stock worth $22,178,000 after buying an additional 15,601 shares during the period. First Trust Advisors LP boosted its position in Fortinet by 14.0% during the 2nd quarter. First Trust Advisors LP now owns 5,785,629 shares of the software maker’s stock worth $611,657,000 after acquiring an additional 708,508 shares during the last quarter. Finally, Guggenheim Capital LLC grew its position in Fortinet by 5.7% in the second quarter. Guggenheim Capital LLC now owns 454,114 shares of the software maker’s stock valued at $48,009,000 after purchasing an additional 24,469 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. Barclays decreased their price target on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Piper Sandler lowered their price target on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. UBS Group dropped their target price on Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. Finally, Evercore ISI cut their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $90.37.

Insiders Place Their Bets

In related news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction 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 represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’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 value of $13,710,537.35. Following the sale, the chief executive officer directly 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 disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $85.18 on Friday. The stock has a market cap of $63.34 billion, a price-to-earnings ratio of 35.05, a P/E/G ratio of 3.13 and a beta of 1.10. The company’s fifty day moving average is $83.45 and its 200 day moving average is $90.30. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the firm earned $0.63 earnings per share. The firm’s quarterly revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet 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.