Maytus Capital Management LLC Makes New $4.33 Million Investment in Fortinet, Inc. $FTNT

Key Points

• Maytus Capital Management opened a new position in Fortinet during the fourth quarter, buying 54,500 shares worth about $4.33 million.
• Institutional interest in FTNT remains strong, with multiple large investors adding to their stakes and 83.71% of the stock now held by institutions.
• Fortinet posted solid quarterly results, beating estimates on both earnings and revenue, while also launching FortiSOC and seeing analysts raise price targets on continued AI and security growth prospects.

Maytus Capital Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 54,500 shares of the software maker's stock, valued at approximately $4,328,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Norges Bank bought a new stake in shares of Fortinet during the 4th quarter worth about $1,152,917,000. Vanguard Group Inc. raised its position in shares of Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock worth $6,354,874,000 after buying an additional 2,894,355 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Fortinet by 38.9% during the 4th quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker's stock worth $613,915,000 after buying an additional 2,166,396 shares in the last quarter. First Trust Advisors LP raised its position in shares of Fortinet by 30.9% during the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock worth $636,962,000 after buying an additional 1,790,033 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock worth $909,453,000 after buying an additional 1,568,337 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet launched FortiSOC, a unified, cloud-delivered SOC platform powered by agentic AI, which could strengthen its cybersecurity product lineup and support future revenue growth. Fortinet Launches FortiSOC, a Unified SOC Platform Powered by Agentic AI
• Positive Sentiment: TD Cowen and Cantor Fitzgerald raised their price targets on Fortinet, citing strong security and AI growth prospects, which reinforces a bullish outlook for the stock. TD Cowen and Cantor Fitzgerald Increase Fortinet Price Targets
• Positive Sentiment: At its annual meeting, shareholders backed the board, auditor, and executive pay, reducing governance uncertainty and signaling continued investor support. Fortinet Shareholders Back Board, Auditor and Executive Pay
• Neutral Sentiment: Coverage on FTNT noted the stock underperformed competitors on Tuesday, but the article did not point to a new fundamental problem. Fortinet Inc. stock underperforms Tuesday when compared to competitors
• Neutral Sentiment: Trading-focused articles suggested bullish technical setups and an options strategy targeting upside, but these were largely commentary rather than fresh business news. Fortinet Stock: Aim For A 28% Return With This Strategy On The Cybersecurity Firm

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. Piper Sandler boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $107.00 target price (up from $90.00) on shares of Fortinet in a report on Thursday, May 7th. Stephens set a $115.00 target price on shares of Fortinet and gave the stock an "equal weight" rating in a report on Thursday, May 7th. Citigroup boosted 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, Rosenblatt Securities boosted their target price on shares of Fortinet from $105.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-five have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus price target of $107.77.

Fortinet Stock Down 1.7%

NASDAQ FTNT opened at $147.02 on Wednesday. The company's 50 day simple moving average is $112.43 and its 200 day simple moving average is $92.11. The company has a market capitalization of $107.71 billion, a P/E ratio of 56.76, a PEG ratio of 4.09 and a beta of 1.11. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $150.07.

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

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer directly owned 94,724 shares in the company, valued at approximately $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 318,387 shares of company stock valued at $43,403,063 over the last ninety days. Corporate insiders own 17.60% of the company's stock.

Fortinet Company 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.

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