Eurizon SLJ Capital Ltd Buys New Stake in Fortinet, Inc. $FTNT

Key Points

• Eurizon SLJ Capital opened a new position in Fortinet, buying 21,966 shares valued at about $1.74 million in the fourth quarter.
• Fortinet continues to attract major institutional ownership, with large holders like Vanguard, State Street, and Invesco increasing their stakes; hedge funds and other institutions own 83.71% of the stock.
• The company posted stronger-than-expected quarterly results, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, while analysts currently rate the stock a consensus "Hold" with an average price target of $102.69.

Eurizon SLJ Capital Ltd bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,966 shares of the software maker's stock, valued at approximately $1,744,000.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock valued at $6,354,874,000 after acquiring an additional 2,894,355 shares in the last quarter. State Street Corp grew its stake in Fortinet by 1.6% during the third quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock valued at $2,493,860,000 after acquiring an additional 477,397 shares in the last quarter. Invesco Ltd. grew its stake in Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. First Trust Advisors LP grew its stake in Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock valued at $636,962,000 after acquiring an additional 1,790,033 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Fortinet by 12.9% during the fourth quarter. Legal & General Group Plc now owns 6,905,567 shares of the software maker's stock valued at $548,371,000 after acquiring an additional 790,117 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 5,355 shares of Fortinet stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the transaction, the chief executive officer directly owned 52,978,004 shares of the company's stock, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their position. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction dated 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 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. In the last ninety days, insiders sold 153,848 shares of company stock valued at $19,446,115. Company insiders own 17.60% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Compass Point set a $100.00 price objective on shares of Fortinet in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $100.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. Morgan Stanley reissued an "underweight" rating and issued a $80.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. TD Cowen reissued a "buy" rating and issued a $125.00 price objective (up from $100.00) on shares of Fortinet in a research note on Thursday, May 7th. Finally, Stephens set a $115.00 price objective on shares of Fortinet and gave the stock an "equal weight" rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $102.69.

Fortinet Price Performance

FTNT stock opened at $137.97 on Friday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $138.11. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $96.96 and a 200 day moving average price of $86.62. The stock has a market cap of $101.08 billion, a PE ratio of 53.27, a P/E/G ratio of 3.57 and a beta of 0.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period in the previous year, the company earned $0.58 EPS. The firm'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. Equities research analysts anticipate that Fortinet, Inc. will post 2.77 earnings per share for the current year.

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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