Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,600,783 shares of the software maker’s stock, valued at approximately $245,912,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.22% of Fortinet at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Fortinet during the fourth quarter valued at $1,152,917,000. Bank of New York Mellon Corp purchased a new stake in Fortinet in the second quarter worth about $1,432,842,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Fortinet by 87.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after buying an additional 4,500,194 shares during the period. First Trust Advisors LP raised its stake in shares of Fortinet by 45.5% in the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock worth $940,284,000 after buying an additional 3,598,487 shares during the period. Finally, Van ECK Associates Corp lifted its position in shares of Fortinet by 38.9% during the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker’s stock valued at $613,915,000 after buying an additional 2,166,396 shares in the last quarter. 83.71% of the stock is owned by institutional investors.
Insider Activity at Fortinet
In other Fortinet news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 3,907 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 475,157 shares of company stock valued at $69,480,964. Insiders own 17.60% of the company’s stock.
Fortinet Stock Down 2.6%
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm earned $0.64 EPS. The business’s revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Analysts predict that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on FTNT. Bank of America reiterated a “buy” rating on shares of Fortinet in a research note on Monday, July 27th. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price target on the stock. in a report on Monday, June 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $185.00 price target (up from $165.00) on shares of Fortinet in a research report on Thursday, July 30th. Wall Street Zen raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Monday, August 3rd. Finally, The Goldman Sachs Group restated a “buy” rating and set a $190.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $150.91.
Read Our Latest Stock Analysis on Fortinet
Fortinet Company Profile
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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