Swiss National Bank increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,855,100 shares of the software maker's stock after buying an additional 70,300 shares during the period. Swiss National Bank owned about 0.25% of Fortinet worth $151,599,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in FTNT. California Public Employees Retirement System boosted its holdings in shares of Fortinet by 9.1% in the 1st quarter. California Public Employees Retirement System now owns 1,252,611 shares of the software maker's stock valued at $102,363,000 after buying an additional 104,047 shares during the period. Kesler Norman & Wride LLC grew its stake in shares of Fortinet by 17.2% in the first quarter. Kesler Norman & Wride LLC now owns 14,142 shares of the software maker's stock worth $1,156,000 after purchasing an additional 2,080 shares in the last quarter. Kera Capital Partners Inc. grew its position in Fortinet by 57.9% in the 1st quarter. Kera Capital Partners Inc. now owns 6,172 shares of the software maker's stock valued at $504,000 after buying an additional 2,264 shares in the last quarter. Gryphon Financial Partners LLC increased its stake in shares of Fortinet by 9.5% during the first quarter. Gryphon Financial Partners LLC now owns 4,103 shares of the software maker's stock valued at $335,000 after acquiring an additional 356 shares during the period. Finally, Bessemer Group Inc. increased its position in shares of Fortinet by 15.6% during the 1st quarter. Bessemer Group Inc. now owns 3,631,740 shares of the software maker's stock valued at $296,786,000 after purchasing an additional 490,108 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have issued reports on FTNT. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Saturday. Scotiabank lifted their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 7th. TD Cowen restated a "buy" rating and set a $215.00 price target (up from $160.00) on shares of Fortinet in a report on Monday, July 13th. Wells Fargo & Company restated an "underweight" rating and issued a $70.00 price target (up from $64.00) on shares of Fortinet in a research report on Thursday, May 7th. Finally, BTIG Research raised their price objective on shares of Fortinet from $150.00 to $186.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-three have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $113.97.
Read Our Latest Stock Report on Fortinet
Insider Activity at Fortinet
In related news, VP Michael Xie sold 3,907 shares of the firm's stock in a transaction that occurred on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction that occurred on 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 sale, the chief operating officer owned 94,724 shares of the company's stock, valued at $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is currently owned by corporate insiders.
Fortinet Price Performance
FTNT opened at $161.61 on Monday. The stock has a fifty day moving average price of $144.30 and a 200 day moving average price of $103.96. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $170.35. The stock has a market cap of $118.40 billion, a price-to-earnings ratio of 62.40, a PEG ratio of 4.39 and a beta of 1.09.
Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business's revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Analysts forecast that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.
Fortinet Company Profile
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Free Report)
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.
Further Reading
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