First Trust Advisors LP lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 45.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 11,506,173 shares of the software maker’s stock after acquiring an additional 3,598,487 shares during the period. Fortinet makes up 0.7% of First Trust Advisors LP’s holdings, making the stock its 11th biggest holding. First Trust Advisors LP’s holdings in Fortinet were worth $940,284,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Brighton Jones LLC boosted its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after acquiring an additional 221 shares during the period. Bison Wealth LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $585,000. HUB Investment Partners LLC raised its stake in shares of Fortinet by 29.1% during the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock valued at $560,000 after purchasing an additional 1,193 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of Fortinet in the second quarter valued at $1,136,000. Finally, Quantinno Capital Management LP grew its holdings in Fortinet by 27.4% during the 2nd quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock valued at $15,328,000 after purchasing an additional 31,202 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Fortinet
In related news, CEO Ken Xie sold 160,632 shares of the business’s 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 completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 company’s stock in a transaction that occurred on 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 sale, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 318,387 shares of company stock valued at $43,403,063. Insiders own 17.60% of the company’s stock.
Fortinet Trading Down 1.4%
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm’s 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 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, research analysts expect that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on FTNT shares. UBS Group lifted their price target on shares of Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Mizuho set a $125.00 price objective on shares of Fortinet and gave the company an “underperform” rating in a research report on Wednesday, July 15th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $120.00 target price (up from $70.00) on shares of Fortinet in a research report on Monday. Compass Point set a $100.00 price target on Fortinet in a research note on Monday, May 4th. Finally, HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price target for the company. in a report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-four have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $119.48.
Read Our Latest Stock Report on Fortinet
More Fortinet News
Here are the key news stories impacting Fortinet this week:
- Positive Sentiment: Intel and Fortinet announced a collaboration to develop Fortinet’s next-generation Security Processor 6, with Fortinet becoming Intel Foundry’s first publicly named cybersecurity chip customer. The deal highlights demand for Fortinet’s hardware and could strengthen its supply chain and product roadmap. Intel (INTC) Lands Fortinet As First Named Cybersecurity Customer For Its Foundry
- Positive Sentiment: Wall Street analysts turned more constructive on Fortinet, with one upgrade and another raising the price target while maintaining a Hold rating. The revisions suggest confidence in Fortinet’s fundamentals, even if valuation remains a concern. This Fortinet Analyst Is No Longer Bearish; Here Are Top 4 Upgrades For Tuesday Fortinet Price Target Raised to $140 as Strong Fundamentals Clash With Stretch Valuation, Supporting a Hold Rating
- Neutral Sentiment: Cybersecurity stocks remain in favor as investors rotate away from some AI and semiconductor names, which supports Fortinet’s sector backdrop. Cybersecurity Stocks Are Holding Up as the AI Trade Starts to Crack (FTNT)
- Negative Sentiment: Despite the positive headlines, Fortinet is still seen as expensive by some analysts, and Morgan Stanley warned that lofty cybersecurity valuations could limit upside ahead of earnings. Cybersecurity Stocks’ Hefty Valuations Demand Caution Ahead of Earnings, Morgan Stanley Says
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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