Rakuten Investment Management Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 901.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 124,808 shares of the software maker’s stock after acquiring an additional 112,350 shares during the period. Rakuten Investment Management Inc.’s holdings in Fortinet were worth $10,087,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of FTNT. Pinnacle Holdings LLC acquired a new position in Fortinet during the 3rd quarter worth about $25,000. Ameriflex Group Inc. acquired a new position in Fortinet during the 3rd quarter worth about $25,000. Wexford Capital LP acquired a new position in Fortinet during the 3rd quarter worth about $25,000. Elyxium Wealth LLC acquired a new position in Fortinet during the 4th quarter worth about $27,000. Finally, Palisade Asset Management LLC acquired a new position in Fortinet during the 3rd quarter worth about $28,000. Institutional investors and hedge funds own 83.71% of the company’s stock.
Fortinet Price Performance
FTNT stock opened at $147.02 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The firm has a market capitalization of $107.71 billion, a P/E ratio of 56.76, a P/E/G ratio of 4.09 and a beta of 1.11. The business’s 50-day moving average is $112.43 and its two-hundred day moving average is $92.11. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $150.07.
Insider Buying and Selling at Fortinet
In other Fortinet news, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the sale, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. This represents a 60.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 318,387 shares of company stock valued at $43,403,063 in the last quarter. Corporate insiders own 17.60% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on FTNT. Weiss Ratings raised Fortinet from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 11th. Mizuho increased their target price on Fortinet from $70.00 to $86.00 and gave the stock an “underperform” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. increased their target price on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, May 7th. Compass Point set a $100.00 target price on Fortinet in a research note on Monday, May 4th. Finally, Zacks Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-five have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $107.77.
View Our Latest Stock Analysis on Fortinet
More Fortinet News
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Fortinet launched FortiSOC, a unified, cloud-delivered SOC platform powered by agentic AI, which could strengthen its cybersecurity product lineup and support future revenue growth. Fortinet Launches FortiSOC, a Unified SOC Platform Powered by Agentic AI
- Positive Sentiment: TD Cowen and Cantor Fitzgerald raised their price targets on Fortinet, citing strong security and AI growth prospects, which reinforces a bullish outlook for the stock. TD Cowen and Cantor Fitzgerald Increase Fortinet Price Targets
- Positive Sentiment: At its annual meeting, shareholders backed the board, auditor, and executive pay, reducing governance uncertainty and signaling continued investor support. Fortinet Shareholders Back Board, Auditor and Executive Pay
- Neutral Sentiment: Coverage on FTNT noted the stock underperformed competitors on Tuesday, but the article did not point to a new fundamental problem. Fortinet Inc. stock underperforms Tuesday when compared to competitors
- Neutral Sentiment: Trading-focused articles suggested bullish technical setups and an options strategy targeting upside, but these were largely commentary rather than fresh business news. Fortinet Stock: Aim For A 28% Return With This Strategy On The Cybersecurity Firm
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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