Sumitomo Life Insurance Co. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 13,004 shares of the software maker’s stock, valued at approximately $1,998,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Fortinet during the second quarter worth approximately $9,561,650,000. Norges Bank purchased a new position in Fortinet in the fourth quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp purchased a new position in Fortinet in the second quarter worth approximately $1,432,842,000. Arrowstreet Capital Limited Partnership grew its holdings in Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after acquiring an additional 4,500,194 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Fortinet during the 2nd quarter worth approximately $581,102,000. 83.71% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the stock. Truist Financial set a $183.00 price objective on shares of Fortinet and gave the company a “buy” rating in a research report on Tuesday, July 21st. Cantor Fitzgerald reiterated an “overweight” rating and set a $185.00 target price (up from $165.00) on shares of Fortinet in a research note on Thursday, July 30th. Robert W. Baird set a $165.00 target price on shares of Fortinet in a research note on Thursday, July 30th. Morgan Stanley reissued a “positive” rating and issued a $136.00 target price (up from $133.00) on shares of Fortinet in a report on Thursday, July 30th. Finally, Evercore set a $165.00 price target on Fortinet in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $150.91.
Insider Transactions at Fortinet
In related news, VP Michael Xie sold 3,121 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares in the company, valued at $1,613,022,886.80. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a 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, CEO Ken Xie sold 161,482 shares of the firm’s 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 transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This represents a 0.30% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 329,142 shares of company stock valued at $50,731,178. Insiders own 17.60% of the company’s stock.
Fortinet Price Performance
Shares of FTNT opened at $153.51 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. Fortinet, Inc. has a 1-year low of $73.55 and a 1-year high of $172.09. The stock has a market cap of $112.63 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07. The firm has a fifty day moving average price of $156.24 and a 200 day moving average price of $117.61.
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, topping the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company posted $0.64 earnings per share. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 3.05 EPS for the current year.
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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