48,180 Shares in Fortinet, Inc. $FTNT Acquired by Independent Financial Group LLC

Key Points

• Independent Financial Group LLC opened a new position in Fortinet, buying 48,180 shares worth about $3.94 million in the first quarter.
• Institutional ownership in Fortinet remains heavy, with institutions holding 83.71% of the stock despite recent insider selling and mixed analyst views.
• Fortinet reported strong quarterly results, beating EPS and revenue estimates, while shares traded near $161.61 after a modest 0.5% gain; the stock remains well above its 200-day average.

Independent Financial Group LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 48,180 shares of the software maker's stock, valued at approximately $3,937,000.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the period. Bison Wealth LLC bought a new stake in Fortinet during the fourth quarter valued at about $585,000. HUB Investment Partners LLC boosted its holdings in Fortinet by 29.1% during the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock valued at $560,000 after acquiring an additional 1,193 shares during the period. Diversify Advisory Services LLC acquired a new stake in shares of Fortinet in the second quarter valued at about $1,136,000. Finally, Quantinno Capital Management LP grew its position in shares of Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock valued at $15,328,000 after purchasing an additional 31,202 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FTNT shares. TD Cowen reissued a "buy" rating and set a $215.00 price objective (up from $160.00) on shares of Fortinet in a research report on Monday. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $70.00 target price (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Mizuho set a $125.00 price target on Fortinet and gave the stock an "underperform" rating in a research report on Wednesday. Arete Research set a $104.00 price target on Fortinet and gave the stock a "buy" rating in a report on Monday, April 27th. Finally, Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have assigned a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $113.97.

Insider Activity

In related news, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. This represents a 0.30% decrease in their ownership of the stock. The sale 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. Also, VP Michael Xie sold 3,907 shares of the firm's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the completion of the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 318,387 shares of company stock worth $43,403,063. Company insiders own 17.60% of the company's stock.

Fortinet Stock Up 0.5%

Shares of FTNT opened at $161.61 on Friday. The company has a 50-day simple moving average of $144.30 and a 200-day simple moving average of $103.80. The firm has a market capitalization of $118.40 billion, a P/E ratio of 62.40, a P/E/G ratio of 4.37 and a beta of 1.09. 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 52 week low of $70.12 and a 52 week high of $170.35.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the business earned $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. On average, equities research analysts expect that Fortinet, Inc. will post 2.8 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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