Penserra Capital Management LLC Has $117.27 Million Position in Fortinet, Inc. $FTNT

Penserra Capital Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,109,278 shares of the software maker’s stock after buying an additional 84,507 shares during the quarter. Fortinet comprises about 1.6% of Penserra Capital Management LLC’s portfolio, making the stock its 8th biggest position. Penserra Capital Management LLC’s holdings in Fortinet were worth $117,271,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dover Advisors LLC raised its position in shares of Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares during the period. Balboa Wealth Partners grew its position in Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares during the period. Hemington Wealth Management increased its stake in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after purchasing an additional 99 shares in the last quarter. Peloton Wealth Strategists raised its holdings in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares during the last quarter. Finally, Trust Co. of Vermont lifted its stake in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $81.79 on Friday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company’s 50 day moving average price is $83.16 and its two-hundred day moving average price is $93.11. The stock has a market cap of $62.67 billion, a P/E ratio of 32.59, a P/E/G ratio of 3.17 and a beta of 1.08. 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 (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating 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 return on equity of 111.46% and a net margin of 30.60%.Fortinet’s revenue was up 14.4% on a year-over-year basis. During the same period last year, the business 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. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Robert W. Baird reduced their price objective on shares of Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Rosenblatt Securities restated a “neutral” rating and issued a $85.00 target price on shares of Fortinet in a report on Thursday. Finally, Barclays decreased their price target on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.48.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction 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 directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction dated 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 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 SEC filing for this sale provides additional information. 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.