X Square Capital LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,035 shares of the software maker’s stock, valued at approximately $1,388,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Westpac Banking Corp acquired a new position in Fortinet during the second quarter worth about $1,028,000. Iyo Bank Ltd. bought a new position in shares of Fortinet in the second quarter worth about $4,839,000. TRB Wealth Management LLC acquired a new stake in shares of Fortinet in the 2nd quarter valued at approximately $283,000. Sumitomo Life Insurance Co. acquired a new stake in shares of Fortinet in the 2nd quarter valued at approximately $1,998,000. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Fortinet during the 2nd quarter valued at approximately $3,619,000. Institutional investors own 83.71% of the company’s stock.
Analyst Ratings Changes
FTNT has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $185.00 price objective (up from $165.00) on shares of Fortinet in a research report on Thursday, July 30th. Stephens set a $115.00 target price on shares of Fortinet and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Rosenblatt Securities boosted their target price on shares of Fortinet from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Stifel Nicolaus set a $175.00 price target on shares of Fortinet and gave the stock a “hold” rating in a report on Thursday, July 30th. Finally, Morgan Stanley reiterated a “positive” rating and issued a $136.00 price target (up from $133.00) on shares of Fortinet in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $150.91.
Insider Activity at Fortinet
In other news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the sale, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 329,142 shares of company stock valued at $50,731,178. Corporate insiders own 17.60% of the company’s stock.
Fortinet Stock Performance
Fortinet stock opened at $153.51 on Friday. The business has a 50 day moving average of $156.24 and a 200-day moving average of $117.61. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $172.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The company has a market capitalization of $112.63 billion, a P/E ratio of 54.05, a P/E/G ratio of 2.91 and a beta of 1.07.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.89 billion. During the same quarter last year, the business earned $0.64 EPS. The firm’s quarterly 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. On average, equities research analysts predict that Fortinet, Inc. will post 3.05 earnings per share for the current year.
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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