Intech Investment Management LLC Acquires 196,325 Shares of Fortinet, Inc. $FTNT

Intech Investment Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 34.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 763,345 shares of the software maker’s stock after acquiring an additional 196,325 shares during the period. Fortinet makes up 0.8% of Intech Investment Management LLC’s portfolio, making the stock its 18th largest holding. Intech Investment Management LLC’s holdings in Fortinet were worth $80,701,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Saudi Central Bank purchased a new stake in Fortinet during the first quarter valued at $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet during the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. grew its stake in Fortinet by 41.4% in the 2nd 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 in the last quarter. Finally, Quaker Wealth Management LLC grew its stake in Fortinet by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after acquiring an additional 726 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on FTNT. Daiwa America downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a report on Friday, August 8th. Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Finally, Daiwa Capital Markets lowered shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $91.62.

Fortinet Price Performance

Shares of FTNT stock opened at $82.31 on Friday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The stock’s 50-day moving average is $83.63 and its 200 day moving average is $92.52. The company has a market cap of $61.21 billion, a P/E ratio of 32.79, a PEG ratio of 3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last announced 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. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the company posted $0.63 earnings per share. The firm’s revenue was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,485 shares of the business’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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by company 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.