Allstate Corp Increases Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Allstate Corp more than doubled its Fortinet stake in the fourth quarter, increasing holdings by 106.9% to 50,054 shares valued at about $3.98 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 beating estimates by $0.20 and revenue of $1.85 billion topping expectations; revenue rose 20.1% year over year.
• Insider activity was mixed but net selling, highlighted by COO John Whittle’s sale of 146,015 shares, bringing total insider sales over the last 90 days to 153,848 shares.

Allstate Corp lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 106.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,054 shares of the software maker's stock after buying an additional 25,866 shares during the quarter. Allstate Corp's holdings in Fortinet were worth $3,975,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Fortinet by 4.0% in the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock worth $6,354,874,000 after purchasing an additional 2,894,355 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Fortinet by 62.1% in the third quarter. Van ECK Associates Corp now owns 5,564,558 shares of the software maker's stock worth $467,868,000 after purchasing an additional 2,132,109 shares during the last quarter. First Trust Advisors LP grew its position in Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock valued at $636,962,000 after acquiring an additional 1,790,033 shares during the last quarter. Invesco Ltd. grew its position in Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after acquiring an additional 1,568,337 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Fortinet by 23.1% during the third quarter. Ameriprise Financial Inc. now owns 5,160,348 shares of the software maker's stock valued at $430,082,000 after acquiring an additional 969,899 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 2,478 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.89, for a total transaction of $220,269.42. Following the sale, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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, COO John Whittle sold 146,015 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the sale, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. The trade was a 60.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 153,848 shares of company stock valued at $19,446,115. 17.60% of the stock is owned by corporate insiders.

Fortinet Price Performance

FTNT opened at $127.93 on Thursday. The stock has a 50-day moving average price of $94.94 and a 200-day moving average price of $85.92. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The firm has a market cap of $93.73 billion, a PE ratio of 49.39, a P/E/G ratio of 3.69 and a beta of 0.92. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $134.91.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during 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%.Fortinet's revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the company earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Sell-side analysts predict that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent research reports. Susquehanna increased their price target on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Compass Point set a $100.00 target price on shares of Fortinet in a report on Monday, May 4th. Barclays set a $115.00 target price on shares of Fortinet and gave the stock an "equal weight" rating in a report on Thursday, May 7th. TD Cowen restated a "buy" rating and issued a $125.00 target price (up from $100.00) on shares of Fortinet in a report on Thursday, May 7th. Finally, BTIG Research raised their target price on shares of Fortinet from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $102.69.

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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