First Horizon Corp Buys 6,834 Shares of Fortinet, Inc. $FTNT

Key Points

• First Horizon Corp increased its Fortinet stake by 4.5% in the first quarter, buying 6,834 additional shares and bringing its holdings to 159,424 shares worth about $13.0 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, up 20.1% year over year. The company also issued Q2 2026 and full-year 2026 guidance above prior expectations.
• Analyst sentiment remains mixed but generally cautious: the stock has a consensus rating of “Hold” with an average price target of $107.58, even though some firms recently raised targets and reiterated buy ratings.

First Horizon Corp increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,424 shares of the software maker's stock after purchasing an additional 6,834 shares during the period. First Horizon Corp's holdings in Fortinet were worth $13,028,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Ameriflex Group Inc. bought a new position in shares of Fortinet during the third quarter valued at $25,000. Wexford Capital LP purchased a new stake in shares of Fortinet during the 3rd quarter valued at about $25,000. Physician Wealth Advisors Inc. increased its holdings in Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after buying an additional 245 shares during the last quarter. Elyxium Wealth LLC bought a new position in Fortinet in the 4th quarter worth $27,000. Finally, Palisade Asset Management LLC bought a new position in shares of Fortinet in the third quarter worth about $28,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Compass Point set a $100.00 price objective on shares of Fortinet in a research report on Monday, May 4th. TD Cowen reissued a "buy" rating and issued a $160.00 target price (up from $125.00) on shares of Fortinet in a report on Monday, June 8th. BMO Capital Markets raised their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock a "market perform" rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $100.00 price target on shares of Fortinet in a research note on Thursday, May 7th. Finally, Stephens set a $115.00 price target on Fortinet and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have assigned a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus price target of $107.58.

Fortinet Stock Up 4.5%

NASDAQ FTNT opened at $163.73 on Friday. The business's fifty day simple moving average is $136.31 and its 200-day simple moving average is $100.55. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $164.01. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. The firm has a market cap of $119.96 billion, a PE ratio of 63.22, a P/E/G ratio of 4.26 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm earned $0.58 EPS. The business's revenue was up 20.1% on a year-over-year basis. 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 analysts anticipate that Fortinet, Inc. will post 2.8 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,907 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the sale, the vice president directly owned 9,923,610 shares of the company's stock, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of Fortinet stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $7,711,717,915.76. 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. Over the last quarter, insiders have sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is owned by corporate 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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