13,542 Shares in Fortinet, Inc. $FTNT Purchased by Summit Global Investments

Key Points

• Summit Global Investments purchased 13,542 Fortinet shares worth approximately $2.08 million during the second quarter. Institutional investors and hedge funds collectively own 83.71% of the company.
• Fortinet reported stronger-than-expected quarterly results, with adjusted EPS of $0.90 versus the $0.75 consensus estimate and revenue of $2.05 billion, up 25.6% year over year.
• Fortinet shares opened at $160.01, down 3.3%, while analyst sentiment remained “Hold” overall, with a consensus price target of $150.91. Company insiders sold $69.5 million worth of stock over the past 90 days.

Summit Global Investments acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 13,542 shares of the software maker's stock, valued at approximately $2,080,000.

A number of other hedge funds have also made changes to their positions in the company. Elevation Wealth Partners LLC boosted its stake in shares of Fortinet by 53.6% in the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker's stock worth $33,000 after acquiring an additional 75 shares during the last quarter. Florida Financial Advisors LLC raised its stake in Fortinet by 3.0% in the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker's stock valued at $309,000 after purchasing an additional 109 shares during the last quarter. Optimist Retirement Group LLC raised its stake in Fortinet by 2.5% in the 4th quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker's stock valued at $398,000 after purchasing an additional 122 shares during the last quarter. PDS Planning Inc lifted its holdings in Fortinet by 3.1% in the 4th quarter. PDS Planning Inc now owns 4,110 shares of the software maker's stock valued at $326,000 after purchasing an additional 123 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its holdings in Fortinet by 31.4% in the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker's stock valued at $41,000 after purchasing an additional 123 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other news, COO John Whittle sold 146,015 shares of the firm's 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 completion of the sale, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. This trade represents a 60.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 161,482 shares of Fortinet 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 sale, the chief executive officer directly 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 position. The SEC filing for this sale provides additional information. 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 sold a total of 475,157 shares of company stock valued at $69,480,964 in the last 90 days. Company insiders own 17.60% of the company's stock.

Fortinet Stock Down 3.3%

NASDAQ FTNT opened at $160.01 on Friday. The business's fifty day simple moving average is $155.05 and its 200-day simple moving average is $115.09. 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 $117.40 billion, a PE ratio of 56.34, a P/E/G ratio of 3.14 and a beta of 1.07. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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 firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the prior year, the firm 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. As a group, equities analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. William Blair reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, July 21st. BTIG Research raised their price target on shares of Fortinet from $186.00 to $203.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Susquehanna boosted their price target on shares of Fortinet from $115.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Citigroup upped their price objective on shares of Fortinet from $165.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $160.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $150.91.

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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