Cibc World Market Inc. Acquires Shares of 75,367 Fortinet, Inc. $FTNT

Key Points

• Cibc World Market Inc. acquired 75,367 Fortinet shares worth approximately $11.6 million during the second quarter. Institutional investors collectively own 83.71% of Fortinet’s stock.
• Fortinet reported strong quarterly results, with adjusted EPS of $0.90 and revenue of $2.05 billion, exceeding estimates; revenue increased 25.6% year over year.
• Analyst sentiment remains mixed, with Fortinet carrying a consensus “Hold” rating and an average price target of $150.91. Shares opened at $151.99, while insiders have sold about $50.7 million worth of stock over the past 90 days.

Cibc World Market Inc. bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 75,367 shares of the software maker's stock, valued at approximately $11,578,000.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Fortinet during the second quarter worth approximately $9,561,650,000. State Street Corp lifted its stake in shares of Fortinet by 1.6% in the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock valued at $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Norges Bank purchased a new position in shares of Fortinet in the 4th quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp increased its position in shares of Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker's stock valued at $1,151,810,000 after purchasing an additional 893,190 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Fortinet by 45.5% during the 1st quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker's stock valued at $940,284,000 after purchasing an additional 3,598,487 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,907 shares of the business's stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a document filed 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. Also, CEO Ken Xie sold 161,482 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 329,142 shares of company stock worth $50,731,178. Corporate insiders own 17.60% of the company's stock.

Fortinet Stock Down 1.0%

Shares of FTNT opened at $151.99 on Tuesday. The firm has a fifty day moving average price of $156.29 and a 200-day moving average price of $118.38. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $111.52 billion, a P/E ratio of 53.52, a P/E/G ratio of 2.91 and a beta of 1.07. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $172.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm's revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Equities research analysts expect that Fortinet, Inc. will post 3.05 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Susquehanna lifted their price objective on shares of Fortinet from $115.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. HSBC lowered shares of Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 target price for the company. in a report on Monday, June 29th. Piper Sandler reaffirmed a "neutral" rating and set a $175.00 price target (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. Zacks Research upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Finally, Truist Financial set a $183.00 price objective on shares of Fortinet and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $150.91.

Fortinet Company Profile

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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