HighTower Advisors LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 2.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 315,086 shares of the software maker’s stock after selling 6,892 shares during the period. HighTower Advisors LLC’s holdings in Fortinet were worth $48,404,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Physician Wealth Advisors Inc. boosted its stake in Fortinet by 408.3% in the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares in the last quarter. Dunhill Financial LLC purchased a new position in shares of Fortinet in the second quarter worth $25,000. Burk Holdings LLC purchased a new position in shares of Fortinet in the second quarter worth $25,000. Wexford Capital LP acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at $27,000. 83.71% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Morgan Stanley reaffirmed a “positive” rating and set a $136.00 price target (up from $133.00) on shares of Fortinet in a research report on Thursday, July 30th. BTIG Research raised their price objective on Fortinet from $186.00 to $203.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Wolfe Research set a $175.00 target price on Fortinet in a report on Thursday, July 30th. Scotiabank reiterated a “sector perform” rating and issued a $163.00 price target on shares of Fortinet in a report on Thursday, July 30th. Finally, HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price target for the company. in a research report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $150.91.
Insider Buying and Selling at Fortinet
In other Fortinet 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 value of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 3,121 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. This trade represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders own 17.60% of the company’s stock.
Fortinet Price Performance
Fortinet stock opened at $156.29 on Tuesday. The business’s 50-day moving average price is $158.90 and its 200 day moving average price is $123.78. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The firm has a market cap of $114.67 billion, a price-to-earnings ratio of 55.03, a price-to-earnings-growth ratio of 2.96 and a beta of 1.06. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $173.89.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly 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. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.Fortinet’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. 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 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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