Connor Clark & Lunn Investment Management Ltd. Makes New $603,000 Investment in Fortinet, Inc. $FTNT

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 5,704 shares of the software maker’s stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Saudi Central Bank acquired a new position in Fortinet during the 1st quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in Fortinet in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd boosted its holdings 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 valued at $29,000 after acquiring an additional 284 shares during the period. E Fund Management Hong Kong Co. Ltd. grew its position in shares of 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. Finally, Quaker Wealth Management LLC increased its holdings in shares of 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 during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the business’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 transaction of $306,835.38. Following the completion of the sale, the vice president 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FTNT shares. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company 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. Rosenblatt Securities restated a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a research report on Thursday, November 6th. Robert W. Baird cut their target price on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Finally, BMO Capital Markets decreased their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $91.22.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $79.73 on Thursday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a market cap of $59.29 billion, a P/E ratio of 31.77, a PEG ratio of 3.17 and a beta of 1.08. The stock has a fifty day moving average price of $83.68 and a two-hundred day moving average price of $91.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm posted $0.63 earnings per share. The company’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 forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.