Fortinet, Inc. $FTNT Shares Sold by Burney Co.

Burney Co. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 61.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,275 shares of the software maker's stock after selling 121,534 shares during the period. Burney Co.'s holdings in Fortinet were worth $6,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp grew its position in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock worth $2,493,860,000 after purchasing an additional 477,397 shares during the period. Norges Bank purchased a new position in shares of Fortinet in the 4th quarter valued at about $1,152,917,000. Bank of New York Mellon Corp increased its position in shares of Fortinet by 6.6% in the fourth quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker's stock valued at $1,151,810,000 after buying an additional 893,190 shares in the last quarter. Invesco Ltd. increased its position in shares of Fortinet by 17.0% in the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after buying an additional 1,568,337 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Fortinet by 4.4% during the 4th quarter. First Trust Advisors LP now owns 7,907,686 shares of the software maker's stock worth $627,949,000 after buying an additional 332,024 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FTNT shares. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $73.00 to $75.00 and gave the company an "underweight" rating in a research note on Thursday, May 7th. TD Cowen restated a "buy" rating and issued a $160.00 price objective (up from $125.00) on shares of Fortinet in a report on Monday, June 8th. Susquehanna upped their target price on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Citigroup upped their target price on shares of Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Finally, BMO Capital Markets increased their target price on shares of Fortinet from $95.00 to $100.00 and gave the company a "market perform" rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $107.58.

Fortinet Trading Up 3.9%

NASDAQ FTNT opened at $162.35 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock has a market capitalization of $118.95 billion, a P/E ratio of 62.68, a PEG ratio of 4.28 and a beta of 1.09. The firm's 50-day moving average is $131.84 and its two-hundred day moving average is $98.86. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $163.57.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the business earned $0.58 earnings per share. The business'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. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.78 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,907 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents 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. In the last quarter, insiders sold 318,387 shares of company stock worth $43,403,063. Insiders own 17.60% of the company's stock.

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.

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