Clare Market Investments LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,005 shares of the software maker's stock, valued at approximately $818,000.
Other hedge funds also recently added to or reduced their stakes in the company. Expressive Wealth LLC purchased a new stake in Fortinet during the 4th quarter worth about $646,000. Trilogy Capital Inc. raised its holdings in Fortinet by 46.8% in the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock valued at $3,506,000 after buying an additional 14,076 shares during the period. Leonteq Securities AG acquired a new position in shares of Fortinet during the 4th quarter valued at $10,422,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Fortinet during the 4th quarter valued at about $14,638,000. Finally, Thrivent Financial for Lutherans lifted its position in shares of Fortinet by 156.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker's stock worth $31,009,000 after purchasing an additional 238,299 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Morgan Stanley reiterated an "underweight" rating and issued a $80.00 price objective on shares of Fortinet in a report on Thursday, May 7th. Cantor Fitzgerald reissued a "neutral" rating and issued a $87.00 price objective on shares of Fortinet in a research note on Tuesday, April 21st. Stephens set a $115.00 price objective on Fortinet and gave the company an "equal weight" rating in a report on Thursday, May 7th. Finally, Robert W. Baird set a $115.00 target price on Fortinet in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $107.58.
View Our Latest Analysis on FTNT
Insiders Place Their Bets
In other Fortinet news, COO John Whittle sold 146,015 shares of the company's stock in a transaction on 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 sale, the chief operating officer directly owned 94,724 shares of the company's stock, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. This trade represents a 0.30% 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 have sold 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 Down 1.4%
FTNT opened at $160.09 on Tuesday. The firm's 50-day simple moving average is $131.84 and its 200-day simple moving average is $98.86. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. The firm has a market cap of $117.29 billion, a price-to-earnings ratio of 61.98, a PEG ratio of 4.28 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $163.57.
Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the firm earned $0.58 EPS. The business's revenue for the quarter was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 2.78 EPS for the current fiscal year.
About Fortinet
(
Free Report)
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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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).
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