Fortinet, Inc. $FTNT Shares Acquired by Bank of America Corp DE

Bank of America Corp DE increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,644,346 shares of the software maker's stock after buying an additional 447,402 shares during the period. Bank of America Corp DE owned about 0.63% of Fortinet worth $379,536,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Florida Financial Advisors LLC lifted its stake in shares of Fortinet by 3.0% in the first quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker's stock worth $309,000 after acquiring an additional 109 shares in the last quarter. Optimist Retirement Group LLC raised its holdings in Fortinet by 2.5% in the fourth quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker's stock valued at $398,000 after acquiring an additional 122 shares in the last quarter. PDS Planning Inc raised its holdings in Fortinet by 3.1% in the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker's stock valued at $326,000 after acquiring an additional 123 shares in the last quarter. GW&K Investment Management LLC boosted its stake in Fortinet by 31.4% during the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker's stock valued at $41,000 after acquiring an additional 123 shares during the last quarter. Finally, Delta Investment Management LLC grew its holdings in Fortinet by 2.4% during the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker's stock worth $417,000 after acquiring an additional 125 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, COO John Whittle sold 146,015 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was 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. This trade represents 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. Insiders sold 310,554 shares of company stock worth $42,706,734 in the last 90 days. 17.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FTNT shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $160.00 target price on shares of Fortinet in a research report on Thursday. Morgan Stanley reiterated a "positive" rating and issued a $136.00 price target (up from $133.00) on shares of Fortinet in a research note on Thursday. BTIG Research boosted their price objective on Fortinet from $186.00 to $203.00 and gave the company a "buy" rating in a report on Thursday. Evercore set a $165.00 price objective on Fortinet in a research note on Thursday. Finally, Compass Point set a $100.00 target price on Fortinet in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average target price of $150.91.

More Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Strong Q2 results: Fortinet reported earnings of $0.90 per share versus the $0.75 consensus estimate, while revenue rose 25.6% year over year to $2.05 billion, above the $1.89 billion forecast. Product revenue reportedly increased 52%, and billings climbed 33% to $2.37 billion. Fortinet lifts annual revenue forecast on strong cybersecurity demand
• Positive Sentiment: Guidance raised: Management lifted its full-year 2026 revenue outlook, signaling confidence that enterprise spending on security will remain strong amid rising data-security incidents. Analysts also highlighted pricing strength and solid execution. Fortinet raises revenue outlook after strong Q2 and new AI product push
• Positive Sentiment: AI and platform momentum: Demand for Fortinet’s AI-security offerings, SASE Firewall, security platforms and operational-technology products is providing additional growth catalysts as companies expand AI infrastructure. FTNT Q2 earnings call highlights SASE Firewall growth
• Positive Sentiment: Analyst target increases: Rosenblatt raised its target to $195 and BTIG raised its target to $203, both with Buy ratings. Citigroup also increased its target to $185, reinforcing the favorable near-term reaction to the earnings report. Analysts boost forecasts following upbeat Q2 earnings
• Neutral Sentiment: Susquehanna raised its target to $160 but retained a Neutral rating, while William Blair maintained a Hold rating, citing questions about how durable Fortinet’s pricing and growth advantages will be.
• Negative Sentiment: Valuation remains a risk after the stock’s substantial multiyear gain. At roughly 57 times earnings, shares may already reflect considerable optimism, leaving less room for disappointment. Fortinet stock seems stretched following its five-year run

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $161.95 on Monday. The company has a market cap of $118.82 billion, a PE ratio of 57.02, a P/E/G ratio of 3.93 and a beta of 1.07. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $170.35. The firm has a 50-day simple moving average of $150.50 and a 200 day simple moving average of $109.31. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The firm had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter last year, the company posted $0.64 earnings per share. Fortinet's revenue was up 25.6% on a year-over-year basis. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.82 EPS 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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