Mackenzie Financial Corp Raises Stake in Fortinet, Inc. $FTNT

Mackenzie Financial Corp increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.9% in the second quarter, HoldingsChannel.com reports. The firm owned 236,213 shares of the software maker’s stock after acquiring an additional 39,131 shares during the quarter. Mackenzie Financial Corp’s holdings in Fortinet were worth $24,972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Fortinet by 1.4% during the second quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after buying an additional 1,024,516 shares during the period. Geode Capital Management LLC lifted its position in shares of Fortinet by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after acquiring an additional 828,569 shares during the period. Norges Bank purchased a new stake in shares of Fortinet during the 2nd quarter worth approximately $1,640,900,000. Invesco Ltd. grew its holdings in shares of Fortinet by 2.2% in the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after acquiring an additional 181,835 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Fortinet by 17.1% in 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 purchasing an additional 1,026,277 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $81.82 on Tuesday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company’s 50 day simple moving average is $83.47 and its 200 day simple moving average is $90.54. The company has a market capitalization of $60.85 billion, a price-to-earnings ratio of 32.60, a PEG ratio of 3.17 and a beta of 1.08. 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 released its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the company earned $0.63 EPS. Fortinet’s revenue for the quarter 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. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

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 value of $13,710,537.35. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the 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 transaction, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on FTNT shares. Barclays decreased their target price on Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Daiwa Capital Markets downgraded Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target for the company. in a research note on Wednesday, November 12th. Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Robert W. Baird dropped their target price on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.