Invesco Ltd. Has $977.72 Million Stake in Fortinet, Inc. $FTNT

Invesco Ltd. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,248,182 shares of the software maker’s stock after buying an additional 677,654 shares during the period. Invesco Ltd. owned about 1.21% of Fortinet worth $977,718,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. LSV Asset Management acquired a new stake in shares of Fortinet during the 2nd quarter valued at about $25,000. Saudi Central Bank acquired a new position in shares of Fortinet in the 1st quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd grew its position in Fortinet by 2,184.6% during the 1st 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. E Fund Management Hong Kong Co. Ltd. increased its holdings in Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after purchasing an additional 104 shares in the last quarter. Finally, Quaker Wealth Management LLC raised its position in Fortinet by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock valued at $38,000 after purchasing an additional 726 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $82.76 on Thursday. The firm’s 50 day simple moving average is $83.41 and its 200 day simple moving average is $90.34. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a market capitalization of $61.54 billion, a price-to-earnings ratio of 34.06, a P/E/G ratio of 3.09 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94.

Fortinet (NASDAQ:FTNT) last issued its earnings results 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 28.58% and a return on equity of 118.27%. The business’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’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 of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FTNT. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, August 8th. Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 price target on shares of Fortinet in a research report on Thursday, November 6th. UBS Group decreased their price objective on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Daiwa America cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Finally, Stifel Nicolaus decreased their price target on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $90.37.

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.