Evolve Private Wealth LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 13,688 shares of the software maker's stock, valued at approximately $2,103,000.
A number of other hedge funds have also recently modified their holdings of the stock. Expressive Wealth LLC purchased a new stake in Fortinet in the fourth quarter valued at approximately $646,000. Leonteq Securities AG purchased a new position in shares of Fortinet during the fourth quarter worth approximately $10,422,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Fortinet during the fourth quarter worth approximately $14,638,000. Thrivent Financial for Lutherans increased its holdings in shares of Fortinet by 156.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker's stock valued at $31,009,000 after acquiring an additional 238,299 shares during the period. Finally, Westerkirk Capital Inc. raised its position in Fortinet by 41.9% in the 4th quarter. Westerkirk Capital Inc. now owns 52,500 shares of the software maker's stock valued at $4,169,000 after purchasing an additional 15,500 shares during 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 research analysts have commented on FTNT shares. Weiss Ratings lowered shares of Fortinet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday. HC Wainwright restated a "buy" rating on shares of Fortinet in a research report on Thursday, July 30th. Truist Financial set a $183.00 price objective on Fortinet and gave the company a "buy" rating in a research note on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a "buy" rating and set a $190.00 price target on shares of Fortinet in a report on Thursday, July 30th. Finally, Stephens set a $115.00 target price on 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, ten have given a Buy rating, nineteen have issued a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $150.91.
Read Our Latest Report on FTNT
Fortinet Stock Up 1.8%
Shares of NASDAQ:FTNT opened at $153.51 on Friday. The stock's fifty day simple moving average is $156.24 and its 200-day simple moving average is $117.61. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $112.63 billion, a P/E ratio of 54.05, a P/E/G ratio of 2.91 and a beta of 1.07. 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 issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.15. The company 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%.The business's revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 EPS. 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, equities research analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.
Insider Activity
In related news, CEO Ken Xie sold 161,482 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, VP Michael Xie sold 3,121 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the sale, the vice president owned 9,918,360 shares of the company's stock, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their ownership of the stock. 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. 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 valued at $50,731,178 in the last 90 days. 17.60% of the stock is owned by company insiders.
Fortinet Profile
(
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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