Geode Capital Management LLC reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 1.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 16,975,909 shares of the software maker’s stock after selling 205,862 shares during the quarter. Geode Capital Management LLC’s holdings in Fortinet were worth $1,345,494,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Pinnacle Holdings LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Ameriflex Group Inc. acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Wexford Capital LP acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Palisade Asset Management LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth about $28,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $27,000. 83.71% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
FTNT has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, May 7th. Compass Point set a $100.00 target price on shares of Fortinet in a research report on Monday, May 4th. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Fortinet in a research report on Friday, February 6th. Susquehanna raised their target price on shares of Fortinet from $90.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Finally, Mizuho raised their target price on shares of Fortinet from $70.00 to $86.00 and gave the stock an “underperform” rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-four have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.69.
Fortinet Price Performance
FTNT opened at $129.70 on Friday. The company’s 50 day simple moving average is $95.87 and its 200 day simple moving average is $86.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $134.91. The stock has a market capitalization of $95.02 billion, a PE ratio of 50.08, a P/E/G ratio of 3.52 and a beta of 0.92.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share 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 analysts’ expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. Fortinet’s revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company 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. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.77 EPS for the current year.
Insider Buying and Selling at Fortinet
In other Fortinet news, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the transaction, the chief executive officer directly owned 52,978,004 shares of the company’s stock, valued at $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 153,848 shares of company stock valued at $19,446,115 over the last ninety days. Corporate insiders own 17.60% of the company’s stock.
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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