17,187 Shares of Fortinet, Inc. $FTNT Purchased by Hohimer Wealth Management LLC

Key Points

• Hohimer Wealth Management initiated a Fortinet stake, buying 17,187 shares worth about $3.07 million in the third quarter. Institutional investors collectively own 83.71% of the company’s shares.
• Fortinet’s latest quarterly results topped estimates: EPS was $0.91 versus $0.86 expected, while revenue rose 20.5% year over year to $2.08 billion.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $150.44. Insiders sold 221,304 shares worth about $30.7 million over the past 90 days.

Hohimer Wealth Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,187 shares of the software maker's stock, valued at approximately $3,072,000.

Other hedge funds have also recently bought and sold shares of the company. Birinyi Associates Inc. bought a new position in shares of Fortinet in the 3rd quarter valued at about $4,338,000. Transamerica Financial Advisors LLC acquired a new position in shares of Fortinet during the 2nd quarter worth about $492,000. Wealth Enhancement Trust Services Inc. increased its stake in shares of Fortinet by 83.8% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 22,326 shares of the software maker's stock worth $3,991,000 after purchasing an additional 10,180 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Fortinet by 35.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 32,402 shares of the software maker's stock worth $5,792,000 after purchasing an additional 8,488 shares during the last quarter. Finally, Perpetual Ltd raised its holdings in shares of Fortinet by 2,214.9% in the 3rd quarter. Perpetual Ltd now owns 167,738 shares of the software maker's stock valued at $29,985,000 after purchasing an additional 160,492 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,121 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.49, for a total transaction of $404,138.29. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at $1,284,328,436.40. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 2,835 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total value of $478,377.90. Following the transaction, the chief operating officer owned 96,987 shares in the company, valued at $16,365,586.38. The trade was a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 221,304 shares of company stock worth $30,675,309 in the last ninety days. 17.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FTNT shares. Stifel Nicolaus cut their target price on shares of Fortinet from $175.00 to $140.00 and set a "hold" rating for the company in a research note on Thursday, October 29th. Cantor Fitzgerald reiterated a "neutral" rating and set a $145.00 price target (down from $185.00) on shares of Fortinet in a report on Monday, October 26th. HSBC boosted their price target on Fortinet from $102.00 to $107.00 in a research report on Friday, July 31st. Bank of America lowered Fortinet from a "buy" rating to a "neutral" rating and set a $140.00 price objective on the stock. in a research note on Thursday, October 29th. Finally, Rosenblatt Securities cut their price objective on Fortinet from $195.00 to $175.00 and set a "buy" rating for the company in a research report on Thursday, October 29th. Eleven analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $150.44.

Trending Headlines about Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Scotiabank raised its FY2026 and FY2027 earnings-per-share estimates to $3.21 and $3.50, respectively, while keeping its “Sector Perform” rating and $140 price target. The higher forecasts offer a modest positive signal, though the FY2026 estimate matches consensus. Scotiabank estimate update
• Positive Sentiment: Fortinet introduced FortiGuard Inline AI Security, which adds inspection and controls for enterprise generative-AI use, and FortiLink SASE, a cloud-delivered security service for distributed sites. The launches broaden its product portfolio and target evolving security needs. Fortinet unveiled two new security services
• Positive Sentiment: FortiAIGate is now available on Equinix’s Distributed AI Hub, giving customers a validated architecture to secure and govern AI across distributed environments. The partnership could support demand for Fortinet’s AI-security products. Fortinet and Equinix secure distributed AI at scale
• Negative Sentiment: A recent analysis highlighted a cut to the services outlook and questioned whether Fortinet’s valuation is supported by its future cash generation. The concern may keep investors focused on the pace of service-business growth. Fortinet stock valuation and service outlook analysis
• Negative Sentiment: ETFs were net sellers of Fortinet shares on Nov. 3, with $15.7 million in net sales, a possible near-term source of selling pressure. ETF trading activity
• Negative Sentiment: Insider Ken Xie reportedly sold 161,483 shares. Such sales can weigh on sentiment, although the report does not establish the reason for the transaction. Insider share sale report

Fortinet Price Performance

Fortinet stock opened at $118.84 on Monday. The company's 50-day moving average price is $168.06 and its two-hundred day moving average price is $129.50. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The stock has a market cap of $87.31 billion, a P/E ratio of 38.58, a P/E/G ratio of 2.28 and a beta of 1.04. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $197.13.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.06 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The business's revenue was up 20.5% on a year-over-year basis. As a group, analysts expect that Fortinet, Inc. will post 3.21 EPS for the current year.

About Fortinet

Fortinet, Inc is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions.

The company's Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.

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