Allworth Financial LP Acquires Shares of 20,516 Fortinet, Inc. $FTNT

Key Points

• Allworth Financial initiated a Fortinet position by purchasing 20,516 shares valued at approximately $3.15 million. Institutional investors collectively own 83.71% of Fortinet’s outstanding stock.
• Fortinet reported strong quarterly results, with revenue rising 25.6% year over year to $2.05 billion and EPS of $0.90, beating analyst expectations of $0.75.
• Despite mixed analyst views, Fortinet has an average consensus rating of Hold and a consensus price target of $150.91. CEO Ken Xie recently sold 161,482 shares under a pre-arranged 10b5-1 plan to cover tax obligations.

Allworth Financial LP bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 20,516 shares of the software maker's stock, valued at approximately $3,152,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Fortinet during the second quarter valued at approximately $9,561,650,000. Norges Bank purchased a new position in Fortinet in the fourth quarter worth $1,152,917,000. Bank of New York Mellon Corp purchased a new position in Fortinet in the second quarter worth $1,432,842,000. Arrowstreet Capital Limited Partnership grew its stake in Fortinet by 87.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker's stock valued at $788,682,000 after purchasing an additional 4,500,194 shares during the period. Finally, Deutsche Bank AG bought a new position in Fortinet in the 2nd quarter valued at $581,102,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 1.8%

Shares of FTNT stock opened at $153.51 on Friday. The company's fifty day simple moving average is $156.24 and its two-hundred day simple moving average is $117.61. The stock has a market capitalization of $112.63 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 2.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $172.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share. Fortinet's revenue for the quarter 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, analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on FTNT. JPMorgan Chase & Co. lifted their target price on Fortinet from $73.00 to $75.00 and gave the stock an "underweight" rating in a research note on Thursday, May 7th. Arete Research set a $104.00 price objective on shares of Fortinet and gave the stock a "buy" rating in a report on Monday, April 27th. Compass Point set a $100.00 target price on shares of Fortinet in a research report on Monday, May 4th. Susquehanna lifted their price target on shares of Fortinet from $115.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Finally, Zacks Research raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have given a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus price target of $150.91.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 161,482 shares of the business's stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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, VP Michael Xie sold 3,907 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their position. 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. Insiders sold a total of 329,142 shares of company stock worth $50,731,178 over the last 90 days. Corporate insiders own 17.60% of the company's stock.

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

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