VCI Wealth Management LLC Acquires New Holdings in Fortinet, Inc. $FTNT

VCI Wealth Management LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, HoldingsChannel reports. The institutional investor bought 14,613 shares of the software maker’s stock, valued at approximately $2,612,000.

A number of other large investors have also recently bought and sold shares of FTNT. Burk Holdings LLC purchased a new position in Fortinet during the second quarter worth $25,000. Dunhill Financial LLC purchased a new stake in shares of Fortinet in the second quarter valued at $25,000. Cornerstone Financial Management LLC lifted its position in shares of Fortinet by 102.5% in the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock valued at $25,000 after acquiring an additional 83 shares in the last quarter. NFSG Corp purchased a new stake in shares of Fortinet in the third quarter valued at $34,000. Finally, Timbuktu Capital Management LLC acquired a new stake in shares of Fortinet during the second quarter valued at $31,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on FTNT shares. Royal Bank Of Canada set a $165.00 target price on shares of Fortinet and gave the company a “sector perform” rating in a research note on Thursday. Robert W. Baird set a $165.00 target price on shares of Fortinet and gave the company a “neutral” rating in a report on Thursday, July 30th. Wolfe Research set a $175.00 price target on shares of Fortinet in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Finally, Daiwa Securities Group lifted their price target on shares of Fortinet from $115.00 to $165.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-four have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $147.94.

Insider Transactions at Fortinet

In related news, COO John Whittle sold 2,835 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the completion of the sale, the chief operating officer directly owned 96,987 shares of the company’s stock, valued at approximately $16,365,586.38. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.60% of the stock is owned by company insiders.

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet’s channel ecosystem received a boost after Excite Cyber achieved Advanced Partner status, indicating deeper engagement with Fortinet’s cybersecurity platform and potential support for enterprise distribution. Excite Cyber Gains Fortinet Advanced Partner Status
• Positive Sentiment: Fortinet remains positioned to benefit from strong cybersecurity demand driven by digital transformation and cloud migration. Zacks included FTNT among security stocks viewed favorably amid the industry’s longer-term growth trend. 3 Security Stocks to Buy Now Amid the Flourishing Industry Trend
• Positive Sentiment: Recent operating momentum remains constructive: third-quarter billings grew 29% year over year to $2.34 billion, while deals worth more than $1 million increased 51%, supporting the company’s growth outlook. Fortinet: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: A review of international revenue trends highlights overseas performance as an important factor in analysts’ forecasts and Fortinet’s future growth, but the article does not indicate a material change to the current outlook. Fortinet International Revenue Trends
• Neutral Sentiment: Wedbush maintained a Hold rating, signaling limited conviction for near-term outperformance despite Fortinet’s solid fundamentals. Wedbush Reaffirms Hold Rating
• Negative Sentiment: Fortinet declined alongside CrowdStrike and Palo Alto Networks in a broader cybersecurity-sector selloff, suggesting industry-wide risk reduction rather than a company-specific operational development. Cybersecurity Stocks Sell Off
• Negative Sentiment: Susquehanna reduced its price target for FTNT, and separate coverage reported a more pessimistic Wells Fargo forecast. These revisions can weigh on valuation expectations. Susquehanna Cuts Fortinet Price Target Wells Fargo Forecast
• Negative Sentiment: Fortinet’s reported consensus price target was lowered by 10.56%, reinforcing the recent shift toward more conservative analyst expectations. Fortinet Consensus Price Target Cut
• Negative Sentiment: A law firm announced an investigation opportunity for FTNT investors, creating a potential legal and reputational overhang, although the announcement itself does not establish wrongdoing. FTNT Fraud Investigation

Fortinet Stock Down 7.3%

Shares of FTNT opened at $126.21 on Tuesday. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $197.13. The company’s fifty day moving average is $170.80 and its two-hundred day moving average is $128.52. The firm has a market cap of $92.60 billion, a PE ratio of 40.98, a price-to-earnings-growth ratio of 3.25 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a return on equity of 182.65% and a net margin of 28.96%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period last year, the business posted $0.74 EPS. Analysts forecast that Fortinet, Inc. will post 3.19 earnings per share for the current year.

Fortinet Company Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.