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

Steinberganna Wealth Management acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 21,405 shares of the software maker’s stock, valued at approximately $1,800,000. Fortinet accounts for 0.8% of Steinberganna Wealth Management’s portfolio, making the stock its 23rd biggest holding.

Several other institutional investors have also recently made changes to their positions in the business. LSV Asset Management purchased a new stake in Fortinet in the second quarter valued at $25,000. Financial Consulate Inc. purchased a new stake in shares of Fortinet in the third quarter worth about $25,000. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Fortinet in the third quarter worth about $25,000. E Fund Management Hong Kong Co. Ltd. grew its holdings in Fortinet by 41.4% during the second 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 during the period. Finally, Quaker Wealth Management LLC raised its position in Fortinet by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after acquiring an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. JPMorgan Chase & Co. restated an “underweight” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Fortinet in a research report on Wednesday, December 17th. Daiwa America cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. Citigroup cut shares of Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Finally, Robert W. Baird decreased their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.30.

Fortinet Stock Performance

FTNT opened at $78.05 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The company has a market cap of $58.04 billion, a price-to-earnings ratio of 32.12, a PEG ratio of 2.80 and a beta of 1.07. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The firm’s fifty day simple moving average is $81.51 and its two-hundred day simple moving average is $86.53.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the company 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. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred 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 directly owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by corporate insiders.

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.