Astoria Portfolio Advisors LLC. Acquires New Holdings in Fortinet, Inc. $FTNT

Key Points

• Astoria Portfolio Advisors opened a new position in Fortinet during the fourth quarter, buying 10,001 shares valued at about $756,000.
• Analyst sentiment is mixed: Fortinet currently has a consensus Hold rating, with an average price target of $107.77 despite some firms raising their targets.
• Insiders have been selling, including CEO Ken Xie and VP Michael Xie, while Fortinet also reported strong quarterly results with revenue and EPS both beating expectations.

Astoria Portfolio Advisors LLC. bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,001 shares of the software maker's stock, valued at approximately $756,000.

A number of other large investors have also added to or reduced their stakes in the stock. Optimist Retirement Group LLC raised its stake in Fortinet by 2.5% during the 4th quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker's stock valued at $398,000 after buying an additional 122 shares during the last quarter. PDS Planning Inc lifted its holdings in shares of Fortinet by 3.1% during the 4th quarter. PDS Planning Inc now owns 4,110 shares of the software maker's stock valued at $326,000 after buying an additional 123 shares during the period. GW&K Investment Management LLC boosted its stake in shares of Fortinet by 31.4% in the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker's stock worth $41,000 after buying an additional 123 shares during the last quarter. Delta Investment Management LLC boosted its stake in shares of Fortinet by 2.4% in the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker's stock worth $417,000 after buying an additional 125 shares during the last quarter. Finally, Catalyst Capital Advisors LLC grew its holdings in shares of Fortinet by 2.0% in the fourth quarter. Catalyst Capital Advisors LLC now owns 6,459 shares of the software maker's stock worth $513,000 after acquiring an additional 128 shares during the period. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FTNT shares. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $100.00 price objective on shares of Fortinet in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on Fortinet from $73.00 to $75.00 and gave the company an "underweight" rating in a research note on Thursday, May 7th. Bank of America upped their price target on shares of Fortinet from $130.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, June 8th. Zacks Research cut shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 12th. Finally, Scotiabank raised their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-five have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $107.77.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 318,387 shares of company stock valued at $43,403,063 in the last three months. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $144.73 on Friday. The firm has a market cap of $106.04 billion, a price-to-earnings ratio of 55.88, a price-to-earnings-growth ratio of 3.95 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $114.89 and a 200-day moving average price of $93.01. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $150.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.20. The firm had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm's revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the business posted $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. As a group, equities research analysts predict that Fortinet, Inc. will post 2.78 EPS for the current fiscal 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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