Fortinet, Inc. $FTNT is Fulcrum Capital LLC's 9th Largest Position

Key Points

• Fulcrum Capital LLC increased its Fortinet stake by 21.2% in Q1, bringing its holdings to 174,592 shares worth about $14.3 million. Fortinet is now the firm’s 9th largest position, making up roughly 3.1% of its portfolio.
• Fortinet reported better-than-expected Q1 earnings of $0.82 per share on revenue of $1.85 billion, both ahead of analyst estimates. Revenue rose 20.1% year over year, and the company issued Q2 and full-year 2026 EPS guidance.
• Insider selling was notable, with CEO Ken Xie and VP Michael Xie both trimming shares in June. Across the last 90 days, insiders sold a total of 318,387 shares, while institutional investors still own 83.71% of the stock.

Fulcrum Capital LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 174,592 shares of the software maker's stock after buying an additional 30,486 shares during the period. Fortinet comprises about 3.1% of Fulcrum Capital LLC's investment portfolio, making the stock its 9th biggest holding. Fulcrum Capital LLC's holdings in Fortinet were worth $14,268,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Expressive Wealth LLC bought a new position in shares of Fortinet during the 4th quarter valued at $646,000. Trilogy Capital Inc. boosted its holdings in Fortinet by 46.8% in the fourth quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock worth $3,506,000 after purchasing an additional 14,076 shares in the last quarter. Leonteq Securities AG acquired a new position in Fortinet during the fourth quarter worth $10,422,000. Eurizon Capital SGR S.p.A. bought a new position in Fortinet during the fourth quarter valued at about $14,638,000. Finally, Thrivent Financial for Lutherans raised its holdings in Fortinet by 156.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker's stock valued at $31,009,000 after buying an additional 238,299 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT opened at $157.51 on Friday. The firm has a market capitalization of $115.40 billion, a P/E ratio of 60.81, a price-to-earnings-growth ratio of 4.45 and a beta of 1.09. The stock's 50 day moving average price is $137.74 and its two-hundred day moving average price is $100.94. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $165.28.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 return on equity of 160.08% and a net margin of 27.49%.The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the company earned $0.58 earnings per share. The company's quarterly revenue 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. On average, equities analysts forecast that Fortinet, Inc. will post 2.8 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total value of $23,384,806.56. Following the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. This represents a 0.04% decrease in their position. 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. Insiders sold a total of 318,387 shares of company stock worth $43,403,063 in the last ninety days. 17.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Truist Financial set a $120.00 price target on Fortinet and gave the stock a "buy" rating in a research note on Thursday, May 7th. HSBC lowered Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 target price for the company. in a report on Monday, June 29th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $107.00 price target (up from $90.00) on shares of Fortinet in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, June 11th. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 price objective on shares of Fortinet in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $108.74.

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.

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