Pure Financial Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund acquired 6,147 shares of the software maker’s stock, valued at approximately $944,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in Fortinet during the second quarter worth $9,561,650,000. State Street Corp grew its position in shares of 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 acquiring an additional 477,397 shares during the period. Norges Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $1,152,917,000. Bank of New York Mellon Corp raised its holdings in shares of Fortinet by 6.6% in the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after purchasing an additional 893,190 shares during the period. Finally, First Trust Advisors LP lifted its stake in Fortinet by 45.5% in the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after purchasing an additional 3,598,487 shares during the last quarter. 83.71% of the stock is owned by institutional investors.
Analysts Set New Price Targets
FTNT has been the topic of several research analyst reports. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. boosted their target price on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday, May 7th. BTIG Research increased their price target on Fortinet from $186.00 to $203.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $160.00 price target on shares of Fortinet in a report on Thursday, July 30th. Finally, William Blair reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, twenty have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $150.91.
Fortinet Stock Up 2.5%
FTNT stock opened at $157.54 on Thursday. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week 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 stock has a market capitalization of $115.59 billion, a price-to-earnings ratio of 55.47, a PEG ratio of 2.91 and a beta of 1.07. The business’s fifty day moving average price is $156.69 and its two-hundred day moving average price is $119.45.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its earnings results 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 company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the business posted $0.64 earnings per share. Fortinet’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 analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current year.
Insider Buying and Selling
In other news, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction that occurred 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 directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Fortinet stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 329,142 shares of company stock worth $50,731,178. Company insiders own 17.60% of the company’s stock.
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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