Tandem Investment Advisors Inc. Makes New $2.80 Million Investment in Fortinet, Inc. $FTNT

Tandem Investment Advisors Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, Holdings Channel reports. The fund acquired 33,281 shares of the software maker’s stock, valued at approximately $2,798,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank bought a new stake in Fortinet in the second quarter worth $1,640,900,000. Vanguard Group Inc. grew its stake in shares of Fortinet by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after buying an additional 1,024,516 shares in the last quarter. Montrusco Bolton Investments Inc. bought a new stake in shares of Fortinet in the 2nd quarter worth about $108,056,000. State Street Corp raised its position in shares of Fortinet by 3.0% during the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after buying an additional 862,468 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction 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. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Performance

FTNT stock opened at $81.51 on Friday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The firm has a market cap of $60.61 billion, a price-to-earnings ratio of 33.54, a PEG ratio of 2.86 and a beta of 1.07. The business’s fifty day simple moving average is $80.31 and its two-hundred day simple moving average is $83.88. 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 (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The business’s revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: TD Cowen upgraded FTNT to Buy and called the valuation reasonable, citing stable channel checks and keeping a $100 target — a bullish catalyst that has supported the stock and helped sector momentum. TD Cowen Calls Fortinet’s Valuation Reasonable
• Positive Sentiment: Rosenblatt upgraded Fortinet from Neutral to Buy and raised its price target to $100, signaling additional analyst support and potential upside if sentiment persists. Rosenblatt Upgrade (Benzinga)
• Positive Sentiment: Market commentary points to Fortinet’s upgrade as a positive sector signal — the TD Cowen lift earlier helped buoy cybersecurity peers, suggesting Fortinet’s bullish coverage can have broader market impact. Did a Fortinet Upgrade Put a Floor on CRWD Stock?
• Neutral Sentiment: Analysts and write-ups are evaluating Fortinet’s Unified Cloud‑Risk platform and strategy; the long-term moat may strengthen if product adoption accelerates, but measurable near-term revenue/leverage impacts are unclear. Will Fortinet’s Unified Cloud‑Risk Platform Deepen Its Competitive Moat?
• Neutral Sentiment: Reminder: Fortinet is projected to report earnings next week — that timing is the immediate catalyst; guidance and subscription growth details will likely drive any near‑term move. Fortinet Projected to Post Earnings
• Neutral Sentiment: Short‑interest data reported appears anomalous (shows zero shares), implying no clear short‑pressure signal to explain stock movement; treat this item as noise until cleaner data appears.
• Negative Sentiment: Zacks’ preview argues Fortinet lacks the combination of factors that typically produce an earnings beat, which raises the risk of downside if results or guidance disappoint next week. Fortinet Reports Next Week: What You Should Expect (Zacks)

Analysts Set New Price Targets

FTNT has been the topic of several analyst reports. Citigroup reissued a “neutral” rating and set a $85.00 price objective (up from $83.00) on shares of Fortinet in a research note on Monday, January 12th. Oppenheimer restated a “market perform” rating on shares of Fortinet in a report on Friday, January 23rd. Rosenblatt Securities upgraded Fortinet from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a research report on Thursday. Piper Sandler reiterated a “neutral” rating and set a $90.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Monday, January 5th. Finally, Jefferies Financial Group reduced their target price on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.59.

Fortinet Company Profile

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.