Empowered Funds LLC Has $32.88 Million Position in Fortinet, Inc. $FTNT

Empowered Funds LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 310,985 shares of the software maker’s stock after selling 20,136 shares during the period. Empowered Funds LLC’s holdings in Fortinet were worth $32,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Saudi Central Bank acquired a new stake in shares of Fortinet during the 1st quarter worth about $25,000. LSV Asset Management acquired a new position in Fortinet in the 2nd quarter valued at about $25,000. Clearstead Trust LLC bought a new position in Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd lifted its position in 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 acquiring an additional 284 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in Fortinet by 41.4% during 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. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FTNT has been the subject of several research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Piper Sandler reduced their target price on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Truist Financial decreased their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Finally, Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $91.62.

Fortinet Trading Down 0.4%

Shares of Fortinet stock opened at $81.94 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a market capitalization of $60.93 billion, a price-to-earnings ratio of 32.65, a PEG ratio of 3.17 and a beta of 1.08. The firm’s 50-day moving average price is $83.66 and its two-hundred day moving average price is $92.20.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The company 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 quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior 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. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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 directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents 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 Fortinet stock in a transaction dated Monday, November 3rd. The shares were 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 owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

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.