Fiera Capital Corp Grows Holdings in Fortinet, Inc. $FTNT

Fiera Capital Corp raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 936,539 shares of the software maker’s stock after buying an additional 27,824 shares during the period. Fiera Capital Corp owned about 0.12% of Fortinet worth $99,011,000 at the end of the most recent quarter.

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

Fortinet Price Performance

Shares of Fortinet stock opened at $82.14 on Thursday. The firm has a market cap of $61.08 billion, a PE ratio of 32.73, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $70.12 and a 12-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 fifty day simple moving average is $83.47 and its two-hundred day simple moving average is $92.74.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. The firm 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 company’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,546 shares of Fortinet 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 sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the business’s 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. UBS Group cut their target price on Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Scotiabank cut their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. TD Cowen decreased their target price on shares of Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. Cantor Fitzgerald upped their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price objective on shares of Fortinet in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.62.

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.