UNIVEST FINANCIAL Corp grew its position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 9.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,323 shares of the software maker’s stock after purchasing an additional 5,160 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Fortinet were worth $4,848,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp raised its position in Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after buying an additional 477,397 shares during the last quarter. Norges Bank acquired a new position in Fortinet during the 4th quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp grew its stake in shares of Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock worth $1,151,810,000 after acquiring an additional 893,190 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after purchasing an additional 1,568,337 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Fortinet by 4.4% in the fourth quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker’s stock valued at $627,949,000 after purchasing an additional 332,024 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, CEO Ken Xie sold 160,632 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $7,711,717,915.76. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares of the company’s stock, valued at $12,163,508.84. The trade was a 60.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is owned by company insiders.
Fortinet Stock Down 3.8%
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.20. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.8 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several research analysts recently commented on FTNT shares. Wells Fargo & Company restated an “underweight” rating and set a $70.00 target price (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Compass Point set a $100.00 price target on shares of Fortinet in a research note on Monday, May 4th. Barclays set a $155.00 price objective on shares of Fortinet and gave the stock an “equal weight” rating in a research note on Friday, June 12th. Scotiabank raised their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $108.74.
Check Out Our Latest Research Report on FTNT
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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