Fiera Capital Corp Raises Position in Fortinet, Inc. $FTNT

Fiera Capital Corp raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 936,539 shares of the software maker’s stock after acquiring an additional 27,824 shares during the quarter. Fiera Capital Corp’s holdings in Fortinet were worth $99,011,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Good Life Advisors LLC bought a new stake in shares of Fortinet during the second quarter valued at approximately $354,000. Candriam S.C.A. lifted its position in Fortinet by 29.1% during the second quarter. Candriam S.C.A. now owns 309,556 shares of the software maker’s stock valued at $32,728,000 after buying an additional 69,868 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Fortinet by 4.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 96,337 shares of the software maker’s stock valued at $10,185,000 after buying an additional 4,280 shares in the last quarter. Geode Capital Management LLC grew its position 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 worth $1,783,091,000 after buying an additional 828,569 shares during the period. Finally, ABC Arbitrage SA purchased a new stake in shares of Fortinet in the 2nd quarter worth about $1,889,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 1.8%

Shares of Fortinet stock opened at $82.14 on Thursday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $83.47 and its 200 day moving average is $92.74. The company has a market cap of $61.08 billion, a price-to-earnings ratio of 32.73, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted 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 the consensus estimate of $1.70 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous 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. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FTNT. Rosenblatt Securities reissued a “neutral” rating and set a $85.00 price target on shares of Fortinet in a research report on Thursday, November 6th. Citigroup lowered shares of Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Evercore ISI cut their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research note on Friday, August 8th. Wedbush reduced their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Finally, Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $91.62.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction 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 represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated 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 transaction, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. The trade was 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 currently owned by corporate insiders.

Fortinet Company Profile

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.