Steinberganna Wealth Management Makes New $1.80 Million Investment in Fortinet, Inc. $FTNT

Steinberganna Wealth Management purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 21,405 shares of the software maker’s stock, valued at approximately $1,800,000. Fortinet comprises approximately 0.8% of Steinberganna Wealth Management’s portfolio, making the stock its 23rd largest holding.

Several other hedge funds also recently bought and sold shares of FTNT. LSV Asset Management bought a new stake in shares of Fortinet during the second quarter worth $25,000. Financial Consulate Inc. purchased a new position in Fortinet in the 3rd quarter worth about $25,000. Steigerwald Gordon & Koch Inc. bought a new stake in Fortinet during the 3rd quarter valued at about $25,000. SJS Investment Consulting Inc. boosted its position in Fortinet by 1,556.5% in the 3rd quarter. SJS Investment Consulting Inc. now owns 381 shares of the software maker’s stock valued at $32,000 after buying an additional 358 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. grew its stake in Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after acquiring an additional 104 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $87.00 target price on shares of Fortinet in a research report on Monday, November 24th. Rosenblatt Securities reissued a “neutral” rating and set a $85.00 price target on shares of Fortinet in a research report on Thursday, November 6th. Mizuho cut their price target on Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research note on Thursday, November 6th. Finally, Hsbc Global Res downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-seven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $90.30.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was 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. The trade was a 0.03% 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.

Fortinet Price Performance

Shares of FTNT stock opened at $78.05 on Friday. The company has a market cap of $58.04 billion, a P/E ratio of 32.12, a PEG ratio of 2.80 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. The stock’s 50-day moving average is $81.51 and its 200 day moving average is $86.53. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year 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 the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the firm posted $0.63 earnings per share. The company’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. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.