Fortinet, Inc. $FTNT Shares Bought by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors LLC increased its Fortinet stake by 39.3% in the first quarter, buying 9,376 additional shares and bringing its total to 33,212 shares worth about $2.7 million.
• Fortinet continues to draw mixed but generally cautious analyst sentiment: the stock has a consensus rating of “Hold” with an average price target of $111, even as several firms recently lifted their targets into the $115-$120 range.
• The company reported strong quarterly results, beating EPS and revenue estimates, while insider selling by CEO Ken Xie and VP Michael Xie totaled more than 164,000 shares in early June under pre-arranged trading plans.

Sequoia Financial Advisors LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 39.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,212 shares of the software maker's stock after buying an additional 9,376 shares during the period. Sequoia Financial Advisors LLC's holdings in Fortinet were worth $2,714,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Optimist Retirement Group LLC grew its position in Fortinet by 2.5% during 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 during the period. PDS Planning Inc raised its holdings in shares of Fortinet by 3.1% in the 4th quarter. PDS Planning Inc now owns 4,110 shares of the software maker's stock worth $326,000 after purchasing an additional 123 shares during the period. GW&K Investment Management LLC raised its holdings in shares of Fortinet by 31.4% in the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker's stock worth $41,000 after purchasing an additional 123 shares during the period. Delta Investment Management LLC lifted its stake in shares of Fortinet by 2.4% in the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker's stock valued at $417,000 after purchasing an additional 125 shares in the last quarter. Finally, Personal CFO Solutions LLC lifted its stake in shares of Fortinet by 5.0% in the 1st quarter. Personal CFO Solutions LLC now owns 2,670 shares of the software maker's stock valued at $218,000 after purchasing an additional 127 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wells Fargo & Company reissued an "underweight" rating and set a $70.00 target price (up from $64.00) on shares of Fortinet in a research report on Thursday, May 7th. Truist Financial set a $120.00 price target on shares of Fortinet and gave the company a "buy" rating in a research report on Thursday, May 7th. Robert W. Baird set a $115.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. Susquehanna increased their price objective on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Finally, Citigroup raised their target price 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. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $111.00.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction 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 sale, the vice president owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at approximately $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. 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 have sold 318,387 shares of company stock valued at $43,403,063 in the last quarter. Company insiders own 17.60% of the company's stock.

Fortinet Stock Performance

Fortinet stock opened at $166.83 on Wednesday. The firm has a market capitalization of $122.23 billion, a PE ratio of 64.41, a price-to-earnings-growth ratio of 4.37 and a beta of 1.09. Fortinet, Inc. has a one year low of $70.12 and a one year high of $167.27. The stock's 50 day moving average price is $140.80 and its 200 day moving average price is $102.24. 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 (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the company earned $0.58 earnings per share. Fortinet's revenue for the quarter was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.8 EPS for the current fiscal year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet announced new capabilities for its FortiEndpoint platform aimed at helping organizations securely adopt AI, protect sensitive data, improve risk visibility, and simplify operations, which reinforces the company’s product momentum. Fortinet Expands FortiEndpoint with New Capabilities for the AI Era
• Positive Sentiment: Fortinet is benefiting from a sector-wide cybersecurity rally, with peers such as Palo Alto Networks and Check Point also moving higher as investors react to IBM’s cybersecurity-related spending warning. PANW, FTNT, CHKP: Palo Alto, Fortinet, Check Point Gain as IBM Stock Plunges — Here’s Why
• Positive Sentiment: Barclays recently raised its price target on Fortinet to $170, signaling continued analyst confidence even though the firm kept an equal-weight rating. Read More
• Neutral Sentiment: Fortinet also appeared in a new “buy recommendation” note, adding to investor attention but without clear details in the headline provided. Fortinet (FTNT): New Buy Recommendation for This Technology Giant
• Neutral Sentiment: Recent trading has also shown Fortinet outperforming the broader market, suggesting momentum was already positive before today’s news flow. Fortinet (FTNT) Gains As Market Dips: What You Should Know

About Fortinet

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.