Fortinet, Inc. $FTNT Shares Purchased by Aviva PLC

Aviva PLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 488,017 shares of the software maker’s stock after buying an additional 33,609 shares during the period. Aviva PLC owned about 0.06% of Fortinet worth $51,593,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. AQR Capital Management LLC increased its stake in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. Nuveen LLC acquired a new stake in Fortinet during the first quarter worth approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after buying an additional 1,026,277 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at $108,056,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. TD Cowen reduced their price target on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a report on Thursday. Jefferies Financial Group dropped their price target on Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.48.

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 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 of the company’s stock, valued at $907,874,317.54. 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 through this hyperlink. 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 value of $13,710,537.35. Following the completion of the sale, the chief executive officer 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. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by company insiders.

Fortinet Trading Up 1.6%

NASDAQ:FTNT opened at $81.79 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock’s 50 day simple moving average is $83.16 and its 200-day simple moving average is $93.10. The firm has a market cap of $62.67 billion, a P/E ratio of 32.59, a PEG ratio of 3.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s quarterly revenue was up 14.4% on a year-over-year basis. During the same period last year, the firm posted $0.63 EPS. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.