Atlantic Union Bankshares Corp Grows Stock Position in Fortinet, Inc. $FTNT

Atlantic Union Bankshares Corp boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 19.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 66,699 shares of the software maker’s stock after acquiring an additional 10,784 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $5,608,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LSV Asset Management purchased a new position in shares of Fortinet during the 2nd quarter worth approximately $25,000. Financial Consulate Inc. acquired a new stake in Fortinet during the 3rd quarter valued at $25,000. Steigerwald Gordon & Koch Inc. purchased a new position in Fortinet during the third quarter worth $25,000. SJS Investment Consulting Inc. increased its position in Fortinet by 1,556.5% during the third quarter. SJS Investment Consulting Inc. now owns 381 shares of the software maker’s stock worth $32,000 after buying an additional 358 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Fortinet by 41.4% in 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 last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FTNT. Royal Bank Of Canada decreased their price objective on Fortinet from $95.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, January 23rd. Robert W. Baird lowered their price target on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Hsbc Global Res lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Finally, Truist Financial set a $88.00 price objective on Fortinet in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $90.48.

Fortinet Stock Up 0.0%

FTNT stock opened at $81.29 on Tuesday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm has a fifty day moving average price of $80.39 and a two-hundred day moving average price of $83.27. 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 firm has a market cap of $60.45 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 2.82 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company earned $0.63 earnings per share. The firm’s revenue for the quarter 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 EPS for the current year.

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.