Meeder Advisory Services Inc. Invests $2.86 Million in Fortinet, Inc. $FTNT

Key Points

• Meeder Advisory Services initiated a $2.86 million Fortinet stake by purchasing 18,589 shares in the second quarter. Institutional investors collectively own 83.71% of FTNT.
• Fortinet reported strong quarterly results, with earnings of $0.90 per share and revenue of $2.05 billion, exceeding analyst estimates; revenue rose 25.6% year over year.
• Analyst sentiment is mixed: FTNT has a consensus “Hold” rating and an average price target of $150.91, while the stock trades near $158 with a high valuation and has recently seen insider selling.

Meeder Advisory Services Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,589 shares of the software maker's stock, valued at approximately $2,856,000.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Meeder Asset Management Inc. bought a new position in Fortinet during the second quarter worth about $6,041,000. Citizens Financial Group Inc. RI bought a new position in shares of Fortinet during the 2nd quarter worth approximately $3,593,000. UNIVEST FINANCIAL Corp acquired a new stake in Fortinet in the 2nd quarter valued at $11,032,000. MidFirst Bank bought a new stake in Fortinet in the second quarter valued at $97,000. Finally, BlackRock Inc. acquired a new position in Fortinet during the second quarter worth $9,561,650,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FTNT shares. HC Wainwright reaffirmed a "buy" rating on shares of Fortinet in a report on Thursday, July 30th. DZ Bank lowered shares of Fortinet from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. Weiss Ratings raised shares of Fortinet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 31st. William Blair reiterated a "market perform" rating on shares of Fortinet in a research note on Tuesday, July 21st. Finally, Truist Financial set a $183.00 price target on Fortinet and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $150.91.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Virtue AI acquisition strengthens AI security offering: Fortinet acquired Virtue AI to add continuous validation, monitoring and runtime protection for AI agents across their lifecycle. The technology is intended to expand Fortinet’s AI-Native Security Fabric as companies move enterprise AI applications into production. Fortinet Advances Continuous AI Protection with the Acquisition of Virtue AI
• Positive Sentiment: AI acquisitions support cloud-platform ambitions: Coverage highlights Fortinet’s broader push to build a cloud-based security platform through AI-related acquisitions. Investors may view the strategy as a way to accelerate growth in AI infrastructure, agent security and cloud security. Fortinet, IBD Stock of the Day, Steps Up AI Acquisitions to Build Cloud Platform
• Positive Sentiment: Analyst comparisons remain favorable: A Zacks analysis gives Fortinet an edge over CrowdStrike, citing SASE momentum, steadier execution and a relatively lower valuation. Other commentary points to projected revenue growth of roughly 19% this year and continued earnings growth, while Fortinet was also identified as a potential earnings-beat candidate. CRWD vs. FTNT: Which Cybersecurity Stock Should You Buy Right Now?
• Neutral Sentiment: Valuation and expectations are elevated: Fortinet has gained nearly 100% in 2026 and trades at a high earnings multiple, leaving the stock sensitive to any slowdown in growth or disappointment from future AI investments. Recent quarterly results exceeded estimates, providing support, but investors will need evidence that the acquisition strategy converts into sustainable revenue growth.

Fortinet Price Performance

Shares of FTNT stock opened at $158.01 on Wednesday. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $172.09. The firm's 50 day moving average is $155.70 and its 200-day moving average is $116.37. The firm has a market capitalization of $115.93 billion, a price-to-earnings ratio of 55.64, a PEG ratio of 3.03 and a beta of 1.07. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.15. The firm had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. Fortinet's revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 EPS. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 3.05 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, COO John Whittle sold 146,015 shares of the 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 transaction, the chief operating officer directly owned 94,724 shares in the company, valued at $12,163,508.84. This 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 the SEC website. Also, CEO Ken Xie sold 161,482 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 475,157 shares of company stock worth $69,480,964. Company insiders own 17.60% of the company's stock.

Fortinet 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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