HB Wealth Management LLC Has $2.28 Million Stake in Fortinet, Inc. $FTNT

Key Points

• HB Wealth Management increased its Fortinet stake by 38.9% in the first quarter, buying 7,815 more shares and bringing its total position to 27,906 shares worth about $2.28 million.
• Several other institutional investors also boosted holdings in Fortinet, and institutions now own 83.71% of the company’s stock, highlighting strong professional interest in the cybersecurity firm.
• Fortinet reported better-than-expected earnings and revenue in its latest quarter, but insider selling and mixed analyst sentiment remain notable, with the stock currently carrying an average "Hold" rating.

HB Wealth Management LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 38.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,906 shares of the software maker's stock after purchasing an additional 7,815 shares during the period. HB Wealth Management LLC's holdings in Fortinet were worth $2,281,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. State Street Corp raised its position 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 stake in Fortinet during the fourth quarter worth approximately $1,152,917,000. Bank of New York Mellon Corp increased its stake in Fortinet by 6.6% during 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. raised 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 valued at $909,453,000 after acquiring an additional 1,568,337 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Fortinet by 4.4% in the 4th 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. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In other Fortinet news, COO John Whittle sold 146,015 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the sale, the chief operating officer 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 filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,907 shares of the business's 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 sale, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. The trade was a 0.04% 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 a total of 318,387 shares of company stock valued at $43,403,063 in the last quarter. Insiders own 17.60% of the company's stock.

Fortinet Stock Performance

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

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its 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. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The firm had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the business earned $0.58 earnings per share. The business's revenue for the quarter was up 20.1% compared to the same quarter last year. 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, analysts expect that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. Citigroup increased their target price on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Zacks Research downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 12th. Weiss Ratings raised shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $100.00 price objective on shares of Fortinet in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fortinet from $73.00 to $75.00 and gave the company an "underweight" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $107.58.

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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