Fortinet, Inc. $FTNT Holdings Trimmed by Insight Wealth Strategies LLC

Key Points

• Insight Wealth Strategies cut its Fortinet position by 22.9% in the third quarter, selling 13,281 shares and retaining 44,762 shares valued at approximately $8 million. Institutional investors collectively own 83.71% of Fortinet.
• Analyst sentiment is mixed, with the stock carrying an average rating of “Hold” and an average price target of $152.79. Ratings include two Strong Buys, ten Buys, nineteen Holds, and five Sells.
• Fortinet reported stronger-than-expected quarterly results, with EPS of $0.90 versus the $0.75 consensus estimate and revenue of $2.05 billion, up 25.6% year over year. The stock recently traded near its 12-month high at $193.80.

Insight Wealth Strategies LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 22.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,762 shares of the software maker's stock after selling 13,281 shares during the quarter. Insight Wealth Strategies LLC's holdings in Fortinet were worth $8,002,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FTNT. LifeGoal Investments LLC increased its stake in Fortinet by 33.4% during the 3rd quarter. LifeGoal Investments LLC now owns 3,814 shares of the software maker's stock valued at $682,000 after purchasing an additional 955 shares in the last quarter. Acropolis Investment Management LLC acquired a new stake in shares of Fortinet during the third quarter worth $110,000. GAMMA Investing LLC grew its holdings in shares of Fortinet by 3.8% during the third quarter. GAMMA Investing LLC now owns 29,645 shares of the software maker's stock valued at $5,299,000 after buying an additional 1,079 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Fortinet by 35.5% during the third quarter. Farther Finance Advisors LLC now owns 32,402 shares of the software maker's stock valued at $5,792,000 after buying an additional 8,488 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Fortinet by 84.5% in the 3rd quarter. CoreCap Advisors LLC now owns 36,840 shares of the software maker's stock valued at $6,586,000 after acquiring an additional 16,870 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. HSBC cut Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 price target for the company. in a research report on Monday, June 29th. TD Cowen reaffirmed a "buy" rating on shares of Fortinet in a report on Wednesday, September 16th. Truist Financial set a $183.00 target price on Fortinet and gave the company a "buy" rating in a research report on Tuesday, July 21st. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, September 26th. Finally, BMO Capital Markets lifted their price objective on shares of Fortinet from $170.00 to $185.00 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $152.79.

Insider Activity at Fortinet

In other Fortinet news, COO John Whittle sold 53,865 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $165.44, for a total value of $8,911,425.60. Following the sale, the chief operating officer directly owned 96,987 shares of the company's stock, valued at approximately $16,045,529.28. This trade represents a 35.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 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 transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 221,303 shares of company stock worth $36,164,034 in the last 90 days. Corporate insiders own 17.60% of the company's stock.

Fortinet Stock Performance

Fortinet stock traded up $4.70 during mid-day trading on Friday, hitting $193.80. The company had a trading volume of 720,038 shares, compared to its average volume of 5,882,877. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The company's fifty day moving average is $166.61 and its 200-day moving average is $138.83. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $193.97. The company has a market capitalization of $142.20 billion, a price-to-earnings ratio of 68.25, a P/E/G ratio of 3.53 and a beta of 1.03.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate 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 net margin of 28.17% and a return on equity of 191.54%. The firm's revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the business 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. Equities research analysts predict that Fortinet, Inc. will post 3.1 EPS for the current year.

About Fortinet

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company's portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.

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.