Elevation Point Wealth Partners LLC Takes $989,000 Position in Fortinet, Inc. $FTNT

Elevation Point Wealth Partners LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 12,103 shares of the software maker's stock, valued at approximately $989,000.

Several other hedge funds have also recently bought and sold shares of the business. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC purchased a new position in Fortinet during the fourth quarter valued at approximately $585,000. HUB Investment Partners LLC increased its stake in Fortinet by 29.1% in the 2nd quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker's stock valued at $560,000 after buying an additional 1,193 shares during the period. Diversify Advisory Services LLC purchased a new stake in Fortinet in the 2nd quarter worth approximately $1,136,000. Finally, Quantinno Capital Management LP lifted its position in Fortinet by 27.4% in the 2nd quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker's stock worth $15,328,000 after buying an additional 31,202 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 3.9%

Fortinet stock opened at $162.35 on Tuesday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $163.57. The company's fifty day moving average price is $131.84 and its two-hundred day moving average price is $98.86. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The company has a market capitalization of $118.95 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 4.28 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. The company 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 business's quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $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. On average, analysts forecast that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Royal Bank Of Canada restated a "sector perform" rating and set a $107.00 price target (up from $90.00) on shares of Fortinet in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $100.00 price objective on shares of Fortinet in a research report on Thursday, May 7th. Truist Financial set a $120.00 target price on Fortinet and gave the company a "buy" rating in a research note on Thursday, May 7th. Robert W. Baird set a $115.00 target price on Fortinet in a research report on Thursday, May 7th. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 price target on shares of Fortinet in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $107.58.

Insider Buying and Selling

In other Fortinet news, COO John Whittle sold 146,015 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the sale, the chief operating officer owned 94,724 shares of the company's stock, valued at $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 available through the SEC website. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their position. 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. In 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 insiders.

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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