Diversify Wealth Management LLC Increases Stock Position in Fortinet, Inc. $FTNT

Key Points

• Diversify Wealth Management LLC increased its Fortinet stake by 90% in Q1, ending with 117,101 shares worth about $10.1 million.
• Institutional ownership remains heavy, with several large investors adding positions and hedge funds/institutions owning 83.71% of Fortinet’s stock.
• Fortinet reported strong quarterly results, beating earnings and revenue estimates, though analysts still largely rate the stock a “Hold” with a consensus price target of $108.74.

Diversify Wealth Management LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 90.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,101 shares of the software maker's stock after acquiring an additional 55,475 shares during the period. Diversify Wealth Management LLC's holdings in Fortinet were worth $10,084,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp boosted its position in shares of Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock worth $2,493,860,000 after purchasing an additional 477,397 shares during the period. Norges Bank purchased a new stake in Fortinet in the fourth quarter valued at approximately $1,152,917,000. Bank of New York Mellon Corp raised its position in Fortinet by 6.6% in the fourth 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 period. Invesco Ltd. raised its position in Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after purchasing an additional 1,568,337 shares during the period. Finally, First Trust Advisors LP lifted its stake in Fortinet by 4.4% during the fourth quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker's stock worth $627,949,000 after purchasing an additional 332,024 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the business's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 318,387 shares of company stock valued at $43,403,063 in the last quarter. Corporate insiders own 17.60% of the company's stock.

Fortinet Stock Down 3.8%

Shares of Fortinet stock traded down $6.22 during trading hours on Friday, reaching $157.51. 3,518,279 shares of the company were exchanged, compared to its average volume of 5,833,056. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $165.28. The stock's fifty day moving average is $137.74 and its 200 day moving average is $100.94. 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 $115.40 billion, a PE ratio of 60.81, a PEG ratio of 4.28 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (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 business had revenue of $1.85 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the firm earned $0.58 earnings per share. The company'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. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FTNT shares. UBS Group raised their price target on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Robert W. Baird set a $115.00 price objective on Fortinet in a report on Thursday, May 7th. Royal Bank Of Canada reissued a "sector perform" rating and set a $107.00 target price (up from $90.00) on shares of Fortinet in a research note on Thursday, May 7th. Scotiabank raised their target price on Fortinet from $85.00 to $110.00 and gave the company a "sector perform" rating in a report on Thursday, May 7th. Finally, Citigroup lifted their target price on Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus price target of $108.74.

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.

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.