15,173 Shares in Fortinet, Inc. $FTNT Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• Oversea-Chinese Banking Corp. purchased 15,173 Fortinet shares worth approximately $2.33 million in the second quarter, while institutional investors collectively own 83.71% of the company.
• Fortinet reported quarterly earnings of $0.90 per share, beating estimates of $0.75, while revenue reached $2.05 billion and rose 25.6% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $150.91 target price; insiders sold 329,142 shares worth about $50.7 million over the past three months.

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,173 shares of the software maker's stock, valued at approximately $2,326,000.

A number of other hedge funds also recently made changes to their positions in FTNT. Physician Wealth Advisors Inc. increased its holdings in shares of Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock worth $25,000 after buying an additional 245 shares during the last quarter. Dunhill Financial LLC purchased a new position in shares of Fortinet in the 2nd quarter worth $25,000. Wexford Capital LP acquired a new position in Fortinet in the third quarter valued at $25,000. Elyxium Wealth LLC acquired a new position in Fortinet in the fourth quarter valued at $27,000. Finally, Palisade Asset Management LLC purchased a new stake in Fortinet during the third quarter valued at about $28,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

FTNT opened at $150.79 on Friday. 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 company's 50-day moving average price is $156.10 and its 200 day moving average price is $117.36. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $172.09. The firm has a market cap of $110.64 billion, a price-to-earnings ratio of 53.10, a price-to-earnings-growth ratio of 2.90 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The software maker reported $0.90 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 quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the firm 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 expect that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 161,482 shares of the business'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 transaction of $26,266,662.12. Following the completion of the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 3,121 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares of the company's stock, valued at approximately $1,613,022,886.80. The trade was a 0.03% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 329,142 shares of company stock worth $50,731,178. Company insiders own 17.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FTNT shares. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $160.00 price objective on shares of Fortinet in a research note on Thursday, July 30th. William Blair reissued a "market perform" rating on shares of Fortinet in a research report on Tuesday, July 21st. TD Cowen reaffirmed a "buy" rating and set a $215.00 price target (up from $160.00) on shares of Fortinet in a research report on Monday, July 13th. Finally, Mizuho set a $125.00 target price on shares of Fortinet and gave the company an "underperform" rating in a research note on Wednesday, July 15th. Two 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 given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source