Bricktown Capital LLC Makes New Investment in Fortinet, Inc. $FTNT

Key Points

• Bricktown Capital LLC opened a new position in Fortinet during the first quarter, buying 9,200 shares worth about $752,000. The stake now ranks as its 24th largest holding and represents roughly 0.1% of its portfolio.
• Fortinet has seen heavy institutional ownership, with about 83.71% of shares held by institutions and hedge funds. Several smaller funds also recently initiated positions in the cybersecurity company.
• Insider selling has been notable, including stock sales by COO John Whittle and CEO Ken Xie, with insiders selling 318,387 shares worth about $43.4 million over the last 90 days. Despite the selling, Fortinet recently beat earnings and revenue estimates and raised its forward guidance.

Bricktown Capital LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,200 shares of the software maker's stock, valued at approximately $752,000. Fortinet comprises approximately 0.1% of Bricktown Capital LLC's investment portfolio, making the stock its 24th biggest position.

A number of other hedge funds have also recently made changes to their positions in FTNT. Pinnacle Holdings LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Wexford Capital LP bought a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Elyxium Wealth LLC bought a new stake in Fortinet during the 4th quarter worth approximately $27,000. Finally, Palisade Asset Management LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $28,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO John Whittle sold 146,015 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. 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 sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is currently owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $144.73 on Friday. The stock has a market capitalization of $106.04 billion, a price-to-earnings ratio of 55.88, a PEG ratio of 3.96 and a beta of 1.11. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $150.07. The stock's 50 day moving average price is $116.11 and its two-hundred day moving average price is $93.37. 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 (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the business posted $0.58 EPS. Fortinet's revenue for the quarter was up 20.1% compared to the same quarter last year. 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 analysts predict that Fortinet, Inc. will post 2.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. BTIG Research raised their price target on shares of Fortinet from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Stephens set a $115.00 price objective on Fortinet and gave the company an "equal weight" rating in a report on Thursday, May 7th. UBS Group raised their target price on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Bank of America raised their target price on Fortinet from $130.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $70.00 price target (up from $64.00) on shares of Fortinet in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-five have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $107.77.

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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