Fortinet, Inc. $FTNT Shares Acquired by Corient Private Wealth LLC

Key Points

• Corient Private Wealth LLC increased its Fortinet stake by 58.6% in the fourth quarter, buying 80,987 additional shares and bringing its total holdings to 219,216 shares valued at about $17.4 million.
• Other institutional investors also added to or initiated positions in FTNT, and hedge funds and other institutions now own 83.71% of the company’s stock.
• Fortinet recently reported stronger-than-expected quarterly results, with EPS of $0.82 and revenue of $1.85 billion, while analysts currently rate the stock a consensus “Hold” with an average price target of $107.77.

Corient Private Wealth LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 58.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,216 shares of the software maker's stock after purchasing an additional 80,987 shares during the quarter. Corient Private Wealth LLC's holdings in Fortinet were worth $17,418,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in FTNT. State Street Corp grew its stake in shares of Fortinet by 1.6% in the third quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock valued at $2,493,860,000 after buying an additional 477,397 shares in the last quarter. Norges Bank acquired a new position in Fortinet during the 4th quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp boosted its holdings in Fortinet by 6.6% in the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker's stock worth $1,151,810,000 after acquiring an additional 893,190 shares during the period. Invesco Ltd. boosted its holdings in Fortinet by 17.0% in the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock worth $909,453,000 after acquiring an additional 1,568,337 shares during the period. Finally, First Trust Advisors LP grew its position in Fortinet by 4.4% in the fourth quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker's stock valued at $627,949,000 after acquiring an additional 332,024 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FTNT. Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $115.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Bank of America raised their price target on shares of Fortinet from $130.00 to $180.00 and gave the company a "buy" rating in a report on Monday, June 8th. Zacks Research downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 12th. Wells Fargo & Company reiterated an "underweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Finally, BTIG Research raised their target price on Fortinet from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-five have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $107.77.

Insider Transactions at Fortinet

In related news, COO John Whittle sold 146,015 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction 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 transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at approximately $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. In the last quarter, insiders sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $148.00 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $150.07. The firm's 50-day simple moving average is $118.83 and its 200-day simple moving average is $94.35. The firm has a market cap of $108.43 billion, a PE ratio of 57.14, a price-to-earnings-growth ratio of 3.98 and a beta of 1.11.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted 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. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the firm earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts forecast that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

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.

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.