EP Wealth Advisors LLC Acquires Shares of 22,838 Fortinet, Inc. $FTNT

EP Wealth Advisors LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 22,838 shares of the software maker's stock, valued at approximately $3,508,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Expressive Wealth LLC purchased a new position in shares of Fortinet during the 4th quarter worth $646,000. Leonteq Securities AG purchased a new position in shares of Fortinet during the fourth quarter worth $10,422,000. Eurizon Capital SGR S.p.A. acquired a new position in Fortinet in the 4th quarter valued at about $14,638,000. Thrivent Financial for Lutherans increased its stake in Fortinet by 156.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker's stock worth $31,009,000 after buying an additional 238,299 shares during the period. Finally, Westerkirk Capital Inc. raised its stake in shares of Fortinet by 41.9% in the fourth quarter. Westerkirk Capital Inc. now owns 52,500 shares of the software maker's stock valued at $4,169,000 after acquiring an additional 15,500 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. Citigroup boosted their target price on Fortinet from $165.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Stephens set a $115.00 price objective on Fortinet and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. HSBC lowered Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 price objective on the stock. in a report on Monday, June 29th. Robert W. Baird set a $165.00 price target on Fortinet in a report on Thursday, July 30th. Finally, Compass Point set a $100.00 target price on shares of Fortinet in a research report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nineteen have issued a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus price target of $150.91.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,907 shares of Fortinet 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 of the company's stock, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. The trade was 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 329,142 shares of company stock worth $50,731,178 over the last three months. 17.60% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $153.51 on Friday. The business has a 50 day moving average of $156.24 and a two-hundred day moving average of $117.61. The company has a market cap of $112.63 billion, a P/E ratio of 54.05, a PEG ratio of 2.91 and a beta of 1.07. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09.

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

Fortinet 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source